中小板上市公司IPO效应研究.docxVIP

中小板上市公司“IPO”效应研究摘要伴随着我国经济的改革开放和资本市场的迅速发展，我国中小企业日益壮大，在国民经济发展中的作用也日益重要，但是中小企业却一直未能突破其融资瓶颈。无论是国外成熟资本市场还是我国新兴资本市场，都普遍存在着上市公司IPO(Initial Public offering，首次公开发行)效应，即公司在上市后业绩并没有得到显著改善，反而有所下降。对于在我国中小企业板上市的公司是否也同样存在着同样的IPO效应问题，本文尝试结合我国资本市场发展的历史及现阶段的制度环境。选取样本对象的盈利能力、偿债能力和成长能力三个指标在公司上市后均出现一定程度的下滑，说明我国中小企业板上市公司也存在着IPO效应。并且在简单介绍中国中小企业IPO实践特点后提出了相关政策建议。关键字：中小企业板；上市公司；IPOResearch on IPO effect of small plates listed companiesABSTRACTWith the rapid development of Chinese economy and capital market reform and opening, Chinese SMEs growing role in national economic development is increasingly important, but has been unable to break through its SME financing bottleneck.Whether it is a mature capital market or foreign country emerging capital markets, listed companies are widespread IPO (Initial Public offering, initial public offering) effect, after the listing of the results that the company has not been significantly improved, but declined.Whether listed companies in Chinas SME board also suffered from the same problem IPO effect, this paper attempts to combine the history and the present stage of the institutional environment of Chinas capital market development. Select the sample object profitability, solvency and ability to grow the company listed in the three indicators were a certain degree of decline, description of the SME board listed company IPO effect also exists. And brief characteristics of SMEs in China after the proposed IPO practices relevant policy recommendations.Keywords: SME board; Listed Companies; IPO目录摘要1目录21 绪论41.1研究背景41.2研究意义61.3 国内外实证研究61.3.1 国外研究趋势61.3.2 国内研究趋势72中小企业板IPO效应的实证检验82.1指标选取82.1.1盈利能力92.1.2营运能力92.1.3偿债能力92.1.4 成长能力102.2样本的选择102.3描述性统计分析及显著性检验102.3.1盈利能力112.3.2偿债能力112.3.3运营能力123我国中小企业板IPO实践133.1中国的制度背景133.1.1不合理的公司治理结构133.1.2政府价格管制143.1.3中小企业板设立的特点143.3中小企业板上市公司的地区特征153.4中小企业板上市公司的行业特征174 政策建议174.1 中小企业板的定位184.2市场准入门槛184.3转变政府角色194.4上市公司治理结构20参考文献21致谢221 绪论1.1研究背景随着中国经济的持续增长，目前中小企业和非公有制企业数量已超过4200万户，占全国企业总数的99.8%。在我国改革开放的30多年中，中小企业一直都是国民经济发展中最活跃的力