我国中小企业在新三板挂牌前后业绩对比分析

发布时间：2018-04-10 12:30

本文选题：新三板 + 挂牌企业　；参考：《华中科技大学》2014年硕士论文

【摘要】：无论是在国外发展成熟的资本市场，还是在我国主板市场、中小企业板市场、创业板的上市公司，普遍存在着IPO效应，上市公司在IPO后业绩并没有得到显著改善，反而出现了明显的下滑。本文试图研究在我国这一新兴的新三板市场挂牌的企业，是否也同样存在着类似于IPO效应的公司业绩下滑的现象。首先，，本文介绍了我国新三板市场的发展现状，包括新三板的挂牌进度、交易情况和定向增发规模。其次，结合我国资本市场发展的历史及现阶段的制度环境，选取了四个维度的具有代表性的财务指标，运用统计数据进行显著性T检验来分析企业的经营业绩，研究我国新三板挂牌企业在挂牌前后五年时间里业绩的变化规律，通过研究发现我国中小企业在新三板挂牌之后各年的业绩呈现出一定趋势的下滑，但是这种下滑趋势并不显著。再次，本文进行了公司业绩的影响因素的分析，得出了不同行业的企业以及定向增发情况不同的企业在挂牌之后的经营业绩均低于挂牌前的水平，并且这两种因素都会对公司挂牌后的经营业绩产生显著性的影响。最后，根据前文的结论以及国外资本市场的发展，为完善新三板的发展提出相关建议，同时也希望能为企业选择新三板挂牌提供借鉴。
[Abstract]:No matter in the foreign capital market, or in the main market of our country, the small and medium-sized enterprise market, the gem listed companies, there is a widespread IPO effect, the performance of the listed companies after IPO has not been significantly improved.On the contrary, there has been a marked decline.This paper attempts to study whether there is also a decline in the performance of firms similar to the IPO effect in the emerging third board market in China.Firstly, this paper introduces the current situation of the new third board market in China, including the listing progress, the trading situation and the size of the new three boards.Secondly, combined with the history of the development of the capital market in China and the current institutional environment, four dimensions of representative financial indicators are selected, and statistical data are used to carry out significant T test to analyze the business performance of enterprises.This paper studies the change rule of the performance of the new three board listed enterprises in the five years before and after listing, and finds out that the performance of the small and medium-sized enterprises in our country after the new third board listing shows a certain trend of decline in each year after the listing of the new third board.But the downward trend is not significant.Thirdly, this paper analyzes the influencing factors of the company's performance, and draws the conclusion that the business performance of the enterprises in different industries and the enterprises with different directional placement situation are lower than the level before listing.And these two factors will have a significant impact on the operating performance of the company after listing.Finally, according to the above conclusions and the development of foreign capital market, the paper puts forward some suggestions for improving the development of the new third board, and also hopes to provide reference for enterprises to choose the new third board listing.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F832.51

【相似文献】