中国上市公司IPO后经营业绩下滑之谜:文献综述

The Puzzle of Post-IPO Operating Performance Declining of Listed Companies in China: Literature Review

上市公司IPO后经营业绩下滑现象几乎在全球每个资本市场上都普遍存在。本文对国内外相关研究进行了全面回顾,发现这一现象不仅在中国A股、B股和H股市场普遍存在;在主板、中小板和创业板市场也普遍存在。对这一现象的解释,除了西方学者所提出的代理成本、报表粉饰和风险资本影响等假说外,还存在民营化效应、资金运用能力及投资者法律保护等新的假说及论据。文章最后总结了这些研究的启示与不足,为进一步研究提供了建议。

It is the fact that the operating permance of listed companies declines after IPO,which generally exists in almost all the global capital markets. The article makes an overall review on the relative researches both domestic and abroad,and finds that the fact generally exists in not only the stock A,stock B and stock C markets,but also the main-board market,small and medium-sized board market and growth enterprise market. To explain the phenomenon,it presents the new hypotlreses and evidences ,suelr as the privatizatior effect ,capital operatimr ability and law gltaratrtee of investors ,besides the hypotheses of agency cost ,financial statements whitewash and risk capital effect put forward by the western scholars. In the end.it summarizes the illumination and weakness of the article and offers the suggestions to the forthcoming re.searches.