我国创业板上市公司IPO前后经营业绩变化的实证分析

本文以2009年我国创业板市场首次上市的36家公司为研究对象,从净利润增长率、营业收入增长率、资产负债率和总资产周转率四个方面分析样本公司在IPO前2年、前1年、当年以及后3年共计6年的经营业绩变化。实证结果表明,IPO之后业绩出现了显著的下滑态势,下滑的原因主要在于部分上市公司可能在上市之前对财务状况作了粉饰、有的公司拼凑项目、募集资金收益率低、公司总费用上升等。改善业绩应从完善上市规则、建立信息披露制度、搭建募投上市平台、发挥政府监管指导功能等方面作出努力。

This essay focuses on the research of the 36 companies which go on public for the first time in the Growth Enterprise Market of our country in 2009. It analyzes the six years＇ （two years ago, one year ago, current years and three years later respectively ） changes altogether of the business performance of the Initial Public offerings （IPO） from four aspects such as net profit growth rate, the growth rate of business income, asset - liability ratio and the turnover of total capital. The empirical resuhs indicate that the business performance has been decreased sharply after the IPO. The reason is that some listed companies whitewash the financial situations before they go on public. Some companies piece together the projects, raise funds for the low rate of return and increase their total costs. To improve financial situations, companies should improve the listing rules, establish the information disclosure system, build the raised listed platform and make efforts to develop the functions of the government＇s supervision, guidance and etc.