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中国创业板ipo绩效及其影响因素的实证分析.docx

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中国创业板ipo绩效及其影响因素的实证分析.docx

上传人:wz_198613 2018/5/31 文件大小:464 KB

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中国创业板ipo绩效及其影响因素的实证分析.docx

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文档介绍:相互关系。
实证研究结果表明:中国创业板IPO绩效在IPO后有下滑的现象; 净资产增长率、存货周转率、中国创业板IPO所属行业、主营业务收入增长率、具有风险投资背景的企业均与代表中国创业板IPO绩效的净资产收益率显著的正相关关系,而资产负债率与中国创业板IPO绩效为显著的负相关关系。最后论文提出研究结论和建议。关键词:中国创业板,IPO 绩效,影响因素,实证研究
ABSTRACT
China’s GEM was formally established on October 30, 2009. At present, the development of the GEM is relatively short; so many systems still need to improve. Relative to the main board market and the small and medium-sized board market, the year and the number of listed stocks is less. Academies still mostly stay in the areas of qualitative theory of GEM, although there is some empirical research, many papers are about the effect of GEM IPO and IPO underpricing theory. The theory of the GEM IPO Performance is very rare, therefore, based on the analysis of the GEM market characteristics, this paper analyzes the IPO Performance of China’s GEM and the factors that affect the GEM IPO performance. The author attempts to establish the multivariate regression model of China’s GEM IPO performance and do an empirical analysis. For the in-depth study of the GEM IPO performance, there are some theoretical and practical significance. The author hopes to provide some reference for some investors and panies.
Firstly, the paper describes the background, purpose and significance of the study of this paper, and summarizes the current situation of domestic and foreign IPO performance, at the same time, and describes the content of the study and innovation; Secondly, the author analyzes the historical process and the characteristics of China’s GEM.
Thirdly, the author researches China’s GEM panies and collects the data. The content is studied the sample that is listed panies of the Shenzhen Stock Exchange from January 1, 2007 to December 31, 2011. According to domestic and foreign research and the actual situation of China’s GEM, the author uses the method of the paired T-test to test the performance of China’s GEM IPO. In addition, nine variables that affect China’s GEM IPO performance are s