【作者】 王丽；

【导师】 李秉祥；

【作者基本信息】 东北财经大学 ， 金融学， 2015， 硕士

【摘要】 中小企业普遍具有生产规模小、周期短、回本快、对市场适应性强、行业多样、科技创新能力强等特点,因此是促进国民经济发展的中坚力量,是新技术开发的重要来源,也是解决就业问题的重要渠道,随着我国中小企业日益壮大,在国民经济中的作用越来越重要,中小企业融资难问题也越来越受到关注。2004年中小企业板的推出,为中小企业提供了直接融资平台,在很大程度上缓解了中小企业所面临的融资难问题。但同样,另一大热点问题随之出现,即国内外资本市场上市企业普遍存在的IPO效应。IPO效应即公司在上市后业绩并没有得到显著改善,反而有所下降。对于在我国中小企业板上市的公司是否也同样存在着IPO效应问题,以及不同地区上市企业的IPO效应程度是否有所差别,本文尝试结合国内外相关研究理论的基础上,选取有代表性的财务指标,运用样本配对T检验并构建面板数据模型等实证分析的方法对样本数据进行检验。研究发现,样本对象的盈利能力和成长能力指标在企业上市当年即出现显著下滑,上市后两年也并未恢复上市前的高业绩,偿债能力指标在上市当年达到峰值,上市后两年虽然有所下降,但仍然高于上市前水平,可见上市融资改善了企业资本结构,提高了其偿债能力,而运营能力指标也在上市当年出现下滑,但是并未通过显著性检验。因此,整体看来我国中小企业板上市企业也存在着IPO效应,上市前后六年间公司业绩存在先上升、后下降,类似于倒“V”字型的变化规律。通过对国内外相关文献的总结发现,对于引起这种变化规律的解释都集中在企业内部治理和风险投资的参与两个方面,而忽视了外界因素对于企业经营业绩的影响,因此本文试图从企业外部经营环境方面解释这种IPO效应。笔者选用政府行政管理能力、金融服务水平和中介机构发展水平这三个指标作为解释变量,分别选择净资产收益率和每股收益代表企业经营业绩作为被解释变量,构建多因素面板数据模型,通过实证得出结论：政府行政管理能力、金融服务水平和中介机构发展水平等企业外部经营环境的因素可以有效地解释企业上市后经营业绩的持续下滑,其中金融服务水平与中介机构发展水平对于企业经营业绩的影响是正向的,而政府行政管理能力对于企业经营业绩的影响是反向的。最后,本文依据实证结果,针对企业外部经营环境提出了相关政策建议。本文写作的目的是一方面对现有的IPO效应理论做些简单的补充和丰富,另一方面可以帮助政策当局认清企业外部经营环境对当地中小企业经营业绩的影响,从而做出有助于中小企业发展的政策决定,同时帮助投资者在分析企业投资价值时,可以多考虑企业所处区域的经营环境给企业的经营业绩带来的辅助影响。更多还原

【Abstract】 The SMEs are the backbone of promoting the development of the national economy, and are important source of new technology development, but also important channel to solve the employment problem, because the SMEs are generally character of small production scale, short cycle, quick returns, market adaptability, industry diverse, strong scientific and technological innovation capacity and other characteristics. As China’s SMEs’role is becoming more and more important in the national economy increasingly, the problem of financing for SMEs has attracted more and more attention. The launch of the SME board in2004, has provided SMEs with direct financing platform and a large extent mitigation the financing difficulties faced by SMEs. But, at the same time, another big hot issue appears, that is IPO effect which existed in listed companies of domestic and foreign capital markets. IPO effect is that the performance of the company, after the listing,has not been significantly improved, but declined.Whether IPO effect also exists in the listed companies in The Small Board of China, and the extent of IPO effects are different in different regions, combining the development of China’s capital market history, and selecting a representative financial indicators, this paper attempts to test it, using paired samples T-test and building the empirical analysis of panel data model. I found that profitability and growth capability index of sample objects appears significant decline in the listing year, and does not recover to the high-performance of pre-IPO after two years, solvency indicators peaked that year, although decreased after two years listing, still higher than the pre-IPO level. It is visible that public financing improved the capital structure and its solvency, and operational capability indices are decline at listed year, but not significant at statistics test. Therefore, the SME board listed companies also exist IPO effect overall, the presence of the company’s performance rise in seven years before and after the listing, then fall, similar to the inverted variation of "V" shaped. This article attempts to explain this variation from the enterprise business outside environment, thus using government administrative capacity, level of service and the level of financial intermediary development to build a multi-factor model, concluded through empirical research:the enterprise business outside environment, such as, the government administrative capacity, the level of service of Financial institutions and level of development of intermediary, can effectively explain the companies listed operating performance of decline. Finally, this paper proposes some policy recommendations on the based of empirical results.The purpose of writing for this article is on the one hand, is to do some simple complement and rich for the existing theory of IPO effect, on the other hand can help policy authorities realize the enterprise external environment impact on the local small and medium-sized enterprise operating performance, so as to help small and medium-sized enterprise development policy decision, and to help investors on the analysis of investment value at the same time, you can consider more enterprises operating environment to the area of auxiliary effect arising from the performance of the enterprise.更多还原