IPO前后公司财务业绩变化趋势的实证研究

Positive Analyses on the Tendency of a Corporation's Financial Achievement Before and After IPO

以 1994～ 1996年期间在上海、深圳证券交易所上市的 2 16家A股公司为样本 ,分析了上市前 1年到上市后 4年的总资产息税前收益率 (EBIT A)等财务业绩指标中位数的变化趋势 ,以及流通A股占总股本比例、第一大股东持股比例、管理层持股市值等因素与业绩指标变化的相关性 ,然后从利润操纵、股东激励机制、投资理念误区和控制权市场等方面寻找原因 ,对研究结果予以合理解释 ,并提出对政策制定的启示。

Based on 216 A-share companies in Shanghai and Shenzhen securities exchange market, the paper analyzes the change of some indexes in EBIT/A before and after IPO, explains the causes from profit manipulation, stimulating mechanism for shareholders and investment concept and puts forward some suggestions for making out policies.