中国上市公司IΡO后长期价值实证分析

An Empirical Study of the Post-IPO Long-term Value of China's Listed Corporations

以1999～2000年在沪、深两市上市的216家A股公司为样本,研究了中国A股上市公司IPO后3年的经营业绩与股票价值的关系及股价长期变化。研究发现,在上市后3年中,IPO公司的股票长期价值逐年下降,并且股票投资回报率显著小于净资产收益率。

Tnis is a study of 216 corporations that went public in the exchanges in Shenzhen and Shanghai in 1999 and 2000. The objective of the research is to find out the relationship between corporate performance and the market value,as well as the long - term behavior of the stocks three years following their IPOs. The findings suggest a yearly downward trend for the long - term value of the stocks and an obvious smaller return of equity investment than that of net asset.