我国创业板上市公司IPO效应及影响因素的实证研究

The Empirical Study of IPO Effect and Infuencing Factors in the Listed Company of China's GEM

文章以2009年在创业板上市的36家公司为研究对象,从盈利能力、偿债能力、营运能力和成长能力四个方面分析了其上市前1年到上市后3年的经营业绩的变化,检验了其IPO效应的存在性。在此基础上研究了募集资金比例、控股股东控股比例、风险投资和保荐机构声誉对创业板上市公司IPO效应的影响,最后得出结论,并对我国创业板上市公司的发展提出建议。

The paper takes 36 companies that listed on the GEM of 2009 as the research object. It analyzes the changes of the business performance from the profit ability, debt paying ability, operation ability and growth ability from l year before listing to 3 years after listing . h also tests the existence of the IPO effect. On the basis of the research, It analyzes the proportion of raising money, the holding proportion of the controlling shareholder, studies the risk investment and the sponsor reputation effect on IPO of companies lis- ted on the GEM. Finally it comes to the conclusion, and puts forward suggestions on the development of the companies listed on the GEM of China.