IPO后上市公司经营业绩为什么会下降?

Why Will The Post-IPO Performance of Listed Companies Drop?

本文试图在信息对称条件下运用IPO择时模型解释IPO后上市公司经营业绩的下降。数值模拟和实证检验结果表明:IPO前公司的实际收益率会增加,而IPO后实际收益率会下降;企业家对收益率先验分布的不确定性的减小或者实际收益率波动性的增加都会使得IPO后收益率的下降幅度增加,而且其显著性受到两个代理变量的估计方式的影响。

Under the condition of information symmetry, this article tries to use an IPO-timing decision model to explain the decline in post-IPO operating performance of listed companies. Numerical simulation and empirical tests show that actual yield will increase before IPO and decline after IPO; a decline in entrepreneurs＇ prior uncertainty of yield or an in- crease in actual volatility of yield will lead to a larger decline of yields after IPO. Reducing the uncertainty of rate of re- turn of entrepreneurs prior distribution or increasing the volatility of actual rate of return will make rate of return of post- IPO increase, and it is influenced by the estimation of two proxy variables.