中小企业板公司上市前后绩效变动的实证研究

Empirical Study on Performance Variation of Listed Companies from Small and Medium-sized Enterprise Board Before and After Being Listed

本文以2004—2005年在我国中小企业板上市的50家上市公司为研究对象,从净资产收益率、主营业务收入增长率和营业利润增长率三个指标出发,研究了中小企业板上市公司IPO前后的业绩变化是否具有显著性,并对引起业绩变化的相关因素进行了回归分析。研究结果表明:公司上市后的净资产收益率、主营业务收入增长率和营业利润增长率都出现了不同程度的下降;位于中西部地区的上市公司的整体绩效表现优于位于东部地区的上市公司;上市公司的管理层持股比例高、第一大股东持股比例高,其上市后业绩的下滑更明显;流通股比例对中小企业板公司上市前后的业绩影响不具有统计意义上的显著性。

This paper takes 50 companies listed on small and medium-sized enterprise board over the period 2004 2005 as research samples. According to the ROE,the main business＇s increasing rate of income and the operating profit growth rate,it compares the changes of median of these three indicators before and after two years in which sample listed companies are listed,and makes the regression analysis on the relevant factors causing these changes. The results show that：after sample companies are listed,the ROE,main business＇s increasing rate of income and the operating profit growth rate of these have emerged in varying degrees of decline; the whole performance of listed companies in central and western regions are better than those of listed companise in eastern region, and the shareholding proportion of management ownership or the shareholding proportion of the largest shareholder is high,and the performance of company after being listed slips down more significantly; the proportion of performance shares have not statistically significant impacts on the performance of companies that are listed on small and mediumsized enterprise board.