“福音”还是“诅咒”?IPO资源对公司绩效的影响机理研究--以歌尔股份和武汉凡谷为例

“Gospel”or“Curse”?Research on the Impact Mechanism of IPO Resources on Corporate Performance:Take Goertek and Wuhan Fangu as Examples

IPO作为企业的稀缺资源一直是很多非上市公司追求的目标,但学者研究发现很多企业IPO之后会出现业绩“变脸”。本文以歌尔股份公司与武汉凡谷公司为经典案例,从公司投资战略选择和资源配置视角,深度剖析两家企业IPO资源对其业绩影响的内在机理。研究发现,IPO之后,歌尔股份公司以创新投资为优先发展战略,IPO资源主要用于企业创新投资,IPO资源的优化配置使其未来的创新能力、竞争能力和获利能力得到持续提升,而武汉凡谷公司以规模扩张为优先发展战略,IPO资源主要用于企业的规模扩张,IPO资源错配导致武汉凡谷后续的创新能力、竞争能力和获利能力增长乏力。本文的贡献不仅进一步丰富和深化了现有IPO相关研究的内容,而且为其他已经或准备上市的企业,在IPO资金使用、投资战略选择和资源优化配置等方面,提供经验借鉴。

IPO,as a scarce resource of enterprises has always been the goal pursued by non-listed companies,but most scholars have found that the performance of enterprises will decline after IPO.This article takes Goertek and Wuhan Fango Co.as a classic case,from the perspective of company investment strategy selection and resource allocation,deeply analyzes the internal mechanism of the impact of IPO resources of the two companies on their performance.The study shows that after the IPO,Goertek takes innovation investment as its priority development strategy.IPO resources are mainly used for corporate innovation investment.The optimized allocation of IPO resources enables its future innovation capabilities,competitiveness and profitability to be continuously improved.Wuhan Fangu Company takes scale expansion as its priority development strategy.IPO resources are mainly used for the scale expansion of the company.The misallocation of IPO resources has led to the weak growth of Wuhan Fangu's future innovation capabilities,competitiveness and profitability.The contribution of this article not only further enriches and deepens the content of existing IPO-related research,but also provides experience for other companies that have listed or are about to list in the use of IPO funds,investment strategy selection and resource optimization.