中小企业股份制改革的得与失——基于深交所中小上市企业的实证分析

Share Issue Privatization of Small and Middle Enterprises:the Extent of Its Success

以在深圳证券交易所2005年前上市的50家中小企业为研究对象,探讨股份制改革对中小企业绩效的影响.结果表明,中小企业利用上市所募集的资金,在短期内能有效地扩大生产规模、增强生产能力.在上市后的三年中,其平均净利润、息税前利润和销售收入都较上市前有显著的提高;但其销售收益率、息税前利润率在上市后却有明显的下降;而企业的偿债能力、人均产出率在上市前后没有显著的变化.同时,企业上市时已运营时间的长短,对其绩效的改变有显著的影响.

This study evaluates the performance change of the 50 small and middle enpterprises （SMEs） listed in Shenzhen Stock Exchange upon share issuing privatization（SIP） from year 2004 to year 2005. The results show that SIP is effective in enlarging SMEs＇ real net profit, real sales and earnings before interests and tax, but is not successful in improving leverage and workers＇ productivity. Their profit returns, however, are significantly decreased after SIP. The existed years when SMEs is of SIP are negatively correlated with their performance change.