发行审核制度对企业上市后业绩表现的影响——基于IPO效应的分析

The Impact of Issuance Audit System on the Performance of Listed Companies:An Analysis on IPO Effects

在我国资本市场建设不断取得新突破、股票发行审核制度不断优化的同时,近年来出现的金融“堰塞湖”和“三高”,以及长期存在的上市后业绩变脸(IPO效应)等诸多问题被广为诟病。本文基于1997—2018年A股市场上市企业数据进行实证研究,探讨发行审核制度变迁是否意味着筛选机制的优化。研究发现:我国A股市场存在较为明显IPO效应;资本市场处罚数量及金额越多代表惩罚制度越完善,企业业绩增长越多,IPO效应越低,诉讼数量越多,企业业绩增长越多,IPO效应越低。此外,随着近年来我国资本市场审核效率和审核透明度的提高以及退市制度的完善,成功阻止了企业上市之后业绩的下降,使得IPO效应下降。

While China's capital market construction has made new breakthroughs and the stock issuance audit system has been continuously optimized,many problems such as"barrier lake","three highs"and long-standing post IPO performance change(IPO effect)have been widely criticized in recent years.Based on the data of listed companies in the A-share market from 1997 to 2018,this paper conducts the empirical study to explore whether the change of issuance audit system means the optimization of screening mechanism.We find that:there is obvious IPO effect in China's A-share market.What's more,better optimized systems are represented by the higher numbers and amounts of punishment,thus resulting in better growth performance of enterprise,as well as lowered the IPO effect.Similarly,the higher the number of lawsuits,the better the performance of enterprises,this also results in a lowered IPO.In addition,with the improvement of audit efficiency and transparency of China's capital market in recent years,as well as the improvement of delisting system,it has successfully prevented the decline in the performance of companies after listing,resulting in a decline in the effect of IPOs.