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(InitialPublicoffering，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；IPOResearchon"IPO"effectofsmallplateslistedcompaniesABSTRACTWiththerapiddevelopmentofChineseeconomyandcapitalmarketreformandopening,ChineseSMEsgrowingroleinnationaleconomicdevelopmentisincreasinglyimportant,buthasbeenunabletobreakthroughitsSMEfinancingbottleneck.Whetheritisamaturecapitalmarketorforeigncountryemergingcapitalmarkets,listedcompaniesarewidespreadIPO(InitialPublicoffering,initialpublicoffering)effect,afterthelistingoftheresultsthatthecompanyhasnotbeensignificantlyimproved,butdeclined.WhetherlistedcompaniesinChina'sSMEboardalsosufferedfromthesameproblemIPOeffect,thispaperattemptstocombinethehistoryandthepresentstageoftheinstitutionalenvironmentofChina'scapitalmarketdevelopment.Selectthesampleobjectprofitability,solvencyandabilitytogrowthecompanylistedinthethreeindicatorswereacertaindegreeofdecline,descriptionoftheSMEboardlistedcompanyIPOeffectalsoexists.AndbriefcharacteristicsofSMEsinChinaaftertheproposedIPOpracticesrelevantpolicyrecommendations.Keywords:SMEboard;ListedCompanies;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..................................................
