中国上市公司IPO后经营业绩变化情况的分析——来自A股公司的经验数据

本文以1999￣2000年在沪、深两市首发上市的216家A股公司为样本,以这些公司从首发前一年延伸至2003年的数据,研究了中国A股上市公司IPO前1年至后3年的收入、成本、费用及效益的变化。研究发现:与上市前相比,中国A股公司IPO后的主营业务收入、主营业务成本、期间费用等绝对数指标均显著上升,而主营业务收入营业利润率却显著下降;造成业绩下降因素很多,其中最直接的主要原因是公司上市后成本、费用的大幅度上升。

The Empirical Analysis of the Performance of the Chinese A share Initial Public Offering (IPOs) Firms: The Data from A Share Stock Market

This paper empirically analyzes the performance of the Chinese A share Initial Public Offering (IPOs) firms using the data from the year before IPO to the 3rd year after IPO .The samples consist of 216 A share firms initially public offered in 1999 and 2000 on shanghai and shenzhen stock market .The study shows the sales\costs\expenses of the Chinese A share Initial Public Offering (IPOs) firms significantly goes up respectively. Otherwise, the net operating income to sales ratio declines mainly directly resulted from the big raise of costs\expenses after IPO.