摘要
本文采用会计学的角度,结合综合财务指标体系模型进行研究。在数据样本上,采用2009年9月至2014年5月之间在深圳创业板市场上上市的355只股票(除去苏州恒久)进行研究。通过构建模型研究发现,中国创业板的公司经营绩效确实有所下降,通过显著性检验,我国创业板上市公司仍存在IPO效应。本文对第一大股东持股比例、风险投资等因素对创业板上市公司上市后绩效的影响研究后得出结论:风险投资、第一大股东对创业板IPO效应没有明显的影响作用。但是第一大股东持股比例、风险投资的存在,在一定程度上可以对创业板上市公司IPO后的绩效下降做出解释。希望本文的结论能够对完善我国创业板市场体系以及投资者优化自己的投资策略做出一定的贡献。
In this paper,the perspective of accounting combined consolidated financial index system model research.On the data samples,this paper in September 2009 to 2014 before listing on the Shenzhen GEM 355 stocks(excluding Suzhou permanent) were studied.By building a model study found that China GEM operating performance indeed declined,through a significant test of GEM listed companies still exist IPO effect.In this paper,the factors affecting the ratio of the largest shareholder,venture capital and other post-listing performance of GEM listed companies after the study concluded:Venture Capital,the largest shareholder of GEM IPO effect no significant influence.But the proportion of the largest shareholder,the investment performance risk to some extent can the GEM listed companies declined to explain after the IPO.We hope that conclusions can to improve our market system as well as the GEM investors to optimize their investment strategy to make some contribution.
出处
《工业经济论坛》
2016年第1期1-16,共16页
Industrial Economy Review
