上市公司IPO之后财务业绩变脸研究

从股权融资规模的角度对上市公司 IPO 之后的财务业绩变脸现象进行研究,由于中国股市的外部股权融资行为往往 NPV 大于0,即融资价格高于投资价值,许多劣质企业有强烈的融资和上市的动机。据此提出假说,并用 1992～2000年上市的 A 股公司数据对假说进行了实证检验。研究表明,融资规模越大的企业,在 IPO 当年变脸的可能性越大,而且变脸幅度也越大。

Research on the Post-IPO Financial Performance Face-off of Listed Companies in China

This paper explores the influence of IPO financing scale on the financial performance of listed companies in Chi- na.Due to the fact that most of the equity financing in China enjoys a positive net present value,i.e.the offering price high- er than the intrinsic value,lots of low quality firms have very strong incentives to go public.This paper develops hypotheses according to the above idea,and then implement empirical test with the A-share IPO data between 1992 and 2000.Empiri- cal result documents that firms with more equity financing significantly incline to encounter face-off phenomenon more severely.