| 我国A股IPO募集资金使用效率实证研究 |
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| 引用本文： | 曾芒,叶红雨.我国A股IPO募集资金使用效率实证研究[J].兰州商学院学报,2005,21(4):11-14. |
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| 作者姓名： | 曾芒 叶红雨 |
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| 作者单位： | 1. 中南财经政法大学,湖北,武汉,430060
2. 上海理工大学,中国,上海,200093 |
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| 摘 要： | IPO是国际证券市场研究的热点之一,我国不少学者的研究主要集中在IPO抑价及定价上,对IPO募集资金使用效率的研究不多.本文考察了我国A股市场2000～2001年间所有IPO公司募集资金后业绩的中长期变化及影响因素,实证结果表明:总体上IPO资金使用效率非常低,没有带来经营业绩的提高,并且大多数指标间没有显著的相关关系.
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| 关 键 词： | 资金使用效率 绩效 |
| 文章编号： | 1004-5465（2005）04-011-04 |
| 收稿时间： | 2004-11-25 |
| 修稿时间： | 2004年11月25 |
The Empirical Analysis of the Operating Efficiency of IPOs Funds in China |
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| ZENG Mang,YE Hong-yu.The Empirical Analysis of the Operating Efficiency of IPOs Funds in China[J].Journal of Lanzhou Commercial College,2005,21(4):11-14. |
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| Authors: | ZENG Mang YE Hong-yu |
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| Abstract: | Initial public offerings have become one of the subjects ofmore attentions for international se- curities market analysis. And internal researchers often focus on the underpricing of IPOs, but few analy- zes the operating efficiency of IPOs funds. This paper investigates the long-run performance of and the po- tential explanatory variables of IPOs in the Chinese security market during the 2000 ~2001 period, and finds that IPOs firms have poor in the long-run period and IPOs don t bring enhance to the firm perform- ance, which there is no significant correlation among most variables. |
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| Keywords: | IPO |
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