创业板上市公司ipo前后财务绩效的比较分析

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1、的“筛选”作用，IPO前有风险投资背景的公司与无风险投资背景的公司在财务绩效的表现上没有显著差别；IPO后风险投资也没有发挥出本身应有的监督、促进作用，有风险投资背景的公司在IPO后的财务绩效各方面下降都大于无风险投资背景的公司；回归模型解释了风险投资背景并不是影响IPO前后绩效变动的主要因素，而不同的行业属性对IPO前后的绩效变动有一定的影响。最后，全文在对实证结果分析、总结的基础上，对我国创业板上市公司整体质量及财务绩效的提高提出了建议。关键词：创业板，上市公司，IPO效应，财务绩效ⅡResearchonComparisonoftheFinancialPerforma

2、mbeforeandafterIP0ableriermanceDelbreandafterabouttheChineseListedCompaniesinGEMABSTRACTOnOctober30，2009，theChineseGrowthEnterpriseMarket(GEM)wasborninShenzhenStockExchange．TheestablishmentofGEM，notonlyprovidesanewf'mancingchannelforSM匣sandhighpotentialemergingcompaniesofChina,alleviating

3、itsfinancingdimc讹ies，butalsoprovidesaformalexitmechanismforventurecapital．MajorityofSⅧsg或moredevelopmentopportunitiesinGEM．AndSⅣ匝SwillhaveabrightfutureinGEM．SincetheGEMestablished，“Threehighphenomenon(highissueprice，hi．ghprice-earningsratio，highraiseaccount)’’and‘'Breakpricingphenomenon’’

4、areveryserious．GEMhasbigrisk，SOitsfutureprofitabilityanddevelopmentaremoredi伍culttopredict．Basedonthis，thisarticleaimstoselectthelistedcompaniesofGEMasresearchsample，andmeasurethechangesoffinancialperformancebeforeandafterIPO，andexplorewhetherIPObringingbeRerdevelopmentforthelistedcompani

5、esofGEM．ItiSnotonlyhelpfultosustainablemanagementanddevelopmentoflistcdcompanies，butalsohelpfilltoimprovetheGEMandthewholefinancialperformance．Basedon245listedcompanieslandedontheGEMin2010-201assamples，thisarticlehascomparativestudyonthefinancialperformancebeforeandafterIPOoflistedcompani

6、esofGEMbytheoreticalanalysisandempiricalmethods．Theempiricalstudiesincludeverificationof‘‘口0effect'’(thefinancialperformancesignificantlydeclinesaRerwo)oflistedcompaniesofGEM、thesinglefactorvarianceFtestoffinancialperformancechangesbeforeandafter碑Oandregressionanalysisofthefactorswhichaff

7、ectthechangesoffinancialperformancebeforeandafterIPO．111tllisarticle，theinnovationiSthat，ontheonehand，thisarticleresearchestheoverallsampleandgroupsampleswhichdividedbythebackgroundofventurecapitalandindustryattributes，andstudythedifferentmanifestationsinHIthechange