辽宁省A股上市公司IPO后长期业绩的实证研究

Empirical Study on Long-Term Performance of A-Share Listed Companies After Their IPOs in Liaoning Province

研究了辽宁省1996年1月至2002年7月上市的40只A股IPO后3年的业绩表现,分析了影响其业绩表现的主要因素.运用Fama-French三因素模型实证计算IPO后3年的长期超额收益,并考察其长期业绩情况.运用多独立样本Kruskal-Wallis检验、两独立样本曼-惠特尼U检验和多元变量回归分析方法找出影响长期业绩表现的主要因素,得出以下结论:辽宁省A股上市公司IPO后长期业绩表现弱势,业绩表现与上市时间、发行量和发行价格呈负相关.

The post-issue operating performance over 3 years after their IPOs of 40 companies in Liaoning Province, which were listed as the A-share firms on stock market from January 1996 to July 2002, is discussed, and the main influencing factors on their business performance are analyzed. Using the Fama-French tri-factor model, the long-tern1 excess profits of those companies over 3 years after their IPOs are calculated to examine their long-term performance. Furthermore, the muhi-idividual-sampled Kruskal-Wallis verification, dual-individual-sampled Mann-Whitney U verification and multi-variable regression analysis are used to find out the main influencing factors on the long-term performance. A conclusion is drawn that the long-term performance of the 40 A-share listed companies went to weak on stock market on the whole, and that their performance is in negative correlation with issuing time, volume and price.