【摘要】 本文选取 1996~2001年在上海和深圳两个交易所上市的民营企业为研究对象,评估了民营企业在上市前后 2年的绩效变化。研究结果表明:企业上市后收益指标、实际销售、财务状况都有明显提高,只有收益率指标有所降低。此外,通过对直接上市和买壳上市两种上市方式的对比研究,我们发现民营企业IPO上市的绩效略优于买壳上市企业,民营企业上市后融资环境变得更为有利。这与企业的民营性质和中国的政策环境是有关系的。因此我们认为民营企业上市效应是积极的,中国的经济转轨是个渐进的过程。更多还原

【Abstract】 This paper evaluates the performance variations of the private enterprises listed on China’s two exchanges across 2 years before and after listing during the period of 1996~2001. It is concluded that earning ability, actual sales and financial position are significantly improved, while only profitability declined somewhat after listing. In addition, we find that IPO private firms have appreciably better performance than that of BS ones and the financing condition becomes more favorable, which is relevant to both the features of private enterprises and Chinese regulatory rules. Therefore, we hold that the outcome of private firms’ listing is positive, and China’s economic transformation will be a successive process.更多还原