本文選題：創(chuàng)業(yè)板 + 經(jīng)營(yíng)業(yè)績(jī)　； 參考：《沈陽工業(yè)大學(xué)》2012年碩士論文

【摘要】：新世紀(jì)以來，以先進(jìn)科學(xué)技術(shù)和現(xiàn)代金融體系緊密結(jié)合、協(xié)調(diào)發(fā)展為特征的新經(jīng)濟(jì)體系成為世界經(jīng)濟(jì)發(fā)展的主要模式。資本市場(chǎng)，，特別是新興的創(chuàng)業(yè)板市場(chǎng)為新經(jīng)濟(jì)體系的形成和發(fā)展提供了主要的融資渠道。國(guó)外專家學(xué)者對(duì)本國(guó)資本市場(chǎng)的學(xué)術(shù)研究結(jié)果表明：上市公司IPO后的經(jīng)營(yíng)業(yè)績(jī)會(huì)較上市前有所下降，這種現(xiàn)象被稱之為“IPO效應(yīng)”。我國(guó)正處于經(jīng)濟(jì)發(fā)展轉(zhuǎn)型的關(guān)鍵時(shí)期，對(duì)我國(guó)新興的創(chuàng)業(yè)板市場(chǎng)是否具有IPO效應(yīng)進(jìn)行分析研究有利于提高我國(guó)高新技術(shù)企業(yè)在創(chuàng)業(yè)板市場(chǎng)上市的成功率，促進(jìn)創(chuàng)業(yè)板上市公司上市后的健康發(fā)展，維護(hù)創(chuàng)業(yè)板市場(chǎng)良好的市場(chǎng)環(huán)境，保障中小投資者權(quán)益。 本文選取了我國(guó)中小板市場(chǎng)2007年已經(jīng)上市的202家上市公司及2009年當(dāng)年上市的50家創(chuàng)業(yè)板上市公司作為研究樣本。通過運(yùn)用主成分分析法，建立經(jīng)營(yíng)業(yè)績(jī)?cè)u(píng)價(jià)指標(biāo)體系來評(píng)價(jià)我國(guó)50家創(chuàng)業(yè)板上市公司和202家中小板上市公司的整體業(yè)績(jī)，然后將252家上市公司的綜合經(jīng)營(yíng)業(yè)績(jī)進(jìn)行排名，進(jìn)而對(duì)比50家創(chuàng)業(yè)板上市樣本公司公開募股發(fā)行的前兩年、發(fā)行當(dāng)年和發(fā)行后兩年，共五年間的經(jīng)營(yíng)業(yè)績(jī)平均排名變化情況及波動(dòng)幅度，從實(shí)證研究的角度來驗(yàn)證我國(guó)創(chuàng)業(yè)板市場(chǎng)是否存在IPO效應(yīng)。通過實(shí)證研究發(fā)現(xiàn)，盡管我國(guó)創(chuàng)業(yè)板上市公司首次公開發(fā)行前后各年的業(yè)績(jī)呈現(xiàn)先升后降的變化趨勢(shì)，但是這種變化差異并不顯著，進(jìn)而得出本文結(jié)論：我國(guó)創(chuàng)業(yè)板市場(chǎng)并不存在IPO效應(yīng)�；谖覈�(guó)現(xiàn)行的制度特征和經(jīng)濟(jì)發(fā)展環(huán)境進(jìn)一步分析了IPO前后業(yè)績(jī)變化的趨勢(shì)及原因，并從公司治理層面進(jìn)行深入分析。最后，結(jié)合我國(guó)創(chuàng)業(yè)板市場(chǎng)的發(fā)展現(xiàn)狀和市場(chǎng)特征，針對(duì)創(chuàng)業(yè)板上市公司的公司治理，上市發(fā)行及退市制度提出了對(duì)策和建議。 通過研究得出以下結(jié)論：我國(guó)創(chuàng)業(yè)板上市公司首次公開發(fā)行前后各年的業(yè)績(jī)呈現(xiàn)先升后降的變化趨勢(shì)，但是這種變化差異并不顯著，我國(guó)創(chuàng)業(yè)板市場(chǎng)并不存在IPO效應(yīng)。
[Abstract]:Since the new century, the new economic system, characterized by the close integration of advanced science and technology with the modern financial system and coordinated development, has become the main mode of world economic development. The capital market, especially the new gem market, provides the main financing channel for the formation and development of the new economic system. The academic research results of foreign experts and scholars on the domestic capital market show that the operating performance of listed companies after IPO will be lower than that before listing, which is called "IPO effect". Our country is in the key period of economic development transition. It is helpful to improve the success rate of high and new technology enterprises listing in the gem market by analyzing whether the new gem market has IPO effect or not. To promote the healthy development of listed companies after listing, to maintain a good market environment and to protect the rights and interests of small and medium-sized investors. This paper selects 202 listed companies in 2007 and 50 listed companies in 2009 as research samples. By using principal component analysis, this paper establishes an evaluation index system to evaluate the overall performance of 50 gem listed companies and 202 small and medium-sized listed companies, and then ranks 252 listed companies. And then compare the changes and fluctuations in the average operating performance of 50 gem listed sample companies in the first two years of the IPO, in the year of issue and two years after the issue, in a total of five years. From the perspective of empirical research to verify whether there is IPO effect in China's gem market. Through empirical research, it is found that, although the performance of listed companies before and after the initial public offering of China's gem shows a trend of first rising and then decreasing, the difference is not significant. The conclusion of this paper is that there is no IPO effect in China's gem market. Based on the current institutional characteristics and economic development environment of our country, this paper further analyzes the trend and causes of the change of performance before and after IPO, and makes a deep analysis from the level of corporate governance. Finally, according to the current situation and market characteristics of the gem market, this paper puts forward some countermeasures and suggestions for the corporate governance, listing and delisting system of the gem listed companies. The following conclusions are drawn through the study: the performance of gem listed companies before and after initial public offering shows a trend of first rising and then decreasing, but the difference is not significant, there is no IPO effect in gem market.
【學(xué)位授予單位】：沈陽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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本文編號(hào)：2110750