IPO募资投向变更、经营业绩变化和市场反应

IPO Proceed Usage Changing,Performance Difference and Market Reaction

本文在项目型股票融资制度背景下,通过构建多元线性回归模型来分析IPO募资投向变更和经营业绩之间的关系,并利用事件研究法来观测IPO募资投向变更之后的市场反应情况。结果表明上市前后经营业绩下降幅度越大,越会引起IPO募资投向变更,而这种变更能够改进未来经营业绩,因而变更行为从总体上看是一种具有"好"的动机的善意变更行为。但由于中国资本市场发展尚处于初期阶段和市场有效性并不强,投资者却对IPO募资投向变更消息持负向市场反应。

Under the background of the project-financing system,this article analyzes the relationship between IPO proceed usage changing and performance difference by constructing the multiple linear regression models,and observes the market reaction of changing behavior by using the event studying method.The results show that the increasing of performance difference between before and post IPO will lead to the proceed usage changing which can improve future performance and the whole changing behavior is of good motivation.However,because of the weak-efficiency market,investors have negative reaction to the changing information.