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论文编号：	5346
作者编号：	2120112377
上传时间：	2013/6/6 17:17:29
中文题目：	创业板上市公司信息披露与IPO后业绩
英文题目：	Information Discourse and After-IPO Performance of Corporates Listed in GEM
指导老师：	姚颐
中文关键字：	信息披露、经营业绩、债务成本、市场业绩
英文关键字：	After-IPO Performance, Information disclosure, Cost of Debt, Market Performance
中文摘要：	近年来，公司上市后的业绩变化问题逐渐进入投资者、媒体以及监管机构的视野，国外也有很多研究者对此展开了研究，并得出了相似的结论：上市公司在IPO后存在业绩下滑的现象。但是作为高成长性的我国创业板上市公司，上市后能为其带来巨额的资金，也能提高他的社会知名度，会更有利于他的发展，那么对于这样的公司而言，是否也会出现IPO后业绩下滑的现象呢？本文对此问题进行了检验，并且发现，创业板上市公司在IPO后也存在业绩下滑的现象，尤其表现在经营现金流方面。在接下来的研究中，本文从信息不对称角度对公司IPO后的业绩进行了研究。信息不对称程度受到两个重要的客观因素的影响：1、上市公司信息披露的质量；2、投资者对信息的识别能力。因而，本文主要从这两个方面检验了创业板上市公司信息披露与公司业绩之间的关系。对于信息披露质量，本文在参照前人的研究基础上，选用了深交所的上市公司信息披露考核评级作为信息披露质量的替代变量，结果发现信息披露质量与公司IPO后的净利润、ROA、净利润变化率等均呈显著的正相关关系。对于信息识别能力，本文分别检验了公司债务成本与公司在二级市场的股价表现两个方面。结果发现，公司的债务成本与公司招股说明书中披露的客户集中风险、技术风险呈显著的正相关关系，说明债权人能够识别公司招股书中的风险，并能够据此做出决策；公司股票的持有到期收益与公司招股说明书中披露的客户集中风险、技术风险呈显著的负相关关系，说明二级市场上的投资者也能识别出公司招股书中的风险，并对此给出反馈。本文的结果表明，信息披露质量能够对公司IPO后的业绩起到一定正面的作用，同时投资者与债权人均能够识别公司招股书中披露的客户集中风险与技术风险，这些结果对监管机构加强对上市公司信息披露的监管有比较强的政策意义。
英文摘要：	In recent years, the after-IPO performance of newly published companies has gradually entered the field of view of investors, media and regulatory agencies. In the west countries, many researchers have carried out a lot of researches about this problem, and came to a similar conclusion: the companies’ performance after IPO declined compare with before IPO. However, as the companies listed on GEM all have a high potential of growth, IPO not only can bring them huge sums of money, but also can improve their social awareness, is there will be a decline in performance after the IPO in the GEM companies? And this paper tested this issue, and find out: the company listed on GEM is not only exist the phenomenon that the after-IPO performance declined compared with before IPO, but also the decline is more severe in the cash flow and profitability aspects. Many foreign researches have put forward many explanations about this phenomenon, the most popular interpretation is agency costs, earnings management, the window of opportunity. This three explanations are built on the basis of information asymmetry between issuers and investors. And as the theory of classic economics, there are two factors have a influence on the information asymmetry: 1、the quality of information disclosure of listed companies;2、the ability to identify the information of the investors. Thus in the further studies, this paper examined the relationship between information disclosure and corporate’s after-IPO performance of companies listed on GEM. In reference to previous studies, we choose the Shenzhen Stock Exchange listed company information disclosure evaluation ratings as the quality of information disclosure, and found out that the quality of information disclosure showed a significant positive correlation with the companies’ net profit, ROA, net profit rate of change after-IPO. For the ability to identify, we test the company's cost of debt and the company's share price performance in the secondary market. It was found that the company's cost of debt has a significant positive correlation with the company’s customer concentration risks and technical risk, this means the creditors have the ability to identify the information published by listed company. And we also found out that the BHAR of the company has a significant negative correlation with the company’s customer concentration risk, this means the market also have some ability to identify the information, and give a feedback.
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