辽宁上市公司IPO前后业绩变化及影响因素的实证分析  

Empirical Reasons for Operating Performance Falloff of Public Companies in Liaoning Province

作　　者：高莹[1] 陈婷婷[1] 黄小原[1] 

机构地区：[1]东北大学工商管理学院,辽宁沈阳110004

出　　处：《东北大学学报（自然科学版）》2007年第8期1213-1216,共4页Journal of Northeastern University(Natural Science)

基　　金：国家自然科学基金资助项目(70572088);教育部高等学校博士学科点专项科研基金资助项目(20050145022);辽宁省科学技术计划项目(2004401015)

摘　　要：运用面板数据分析法,从赢利、偿债、营运和发展能力等4个方面,分析了辽宁省A股上市公司IPO前后业绩变化情况.采用非参数MNR方法进行稳定性检验,保证了结论的可靠性.运用截面回归模型分析了影响辽宁省A股上市公司业绩的主要因素.实证研究结果表明,辽宁省A股上市公司IPO后业绩下降,行业类别、股权结构和上市年份对业绩下降均有显著影响;工业类上市公司的净利润增长率显著低于其他行业;2001年和2002年上市的公司业绩下滑较严重;国有股权有益于提高上市公司的业绩.根据实证结果提出了相关建议.The reasons why the operating performances of the public companies in Liaoning Province all felloff after IPO are analyzed with their panel data in view of their earnings, solvency, business operations and developmental capability. The nonparametric MNR method is used for stability test to ensure the reliability of the following conclusions by the analysis made, and a cross-section regression model is developed to discuss empirically the main influencing factors on the operating performances of those public companies. The results show clearly that their performance falloff were mainly due to the factors as follows： the difference in trades, ownership structure and the years they went to public, especially 2001 and 2002. It is revealed that the growth rate of net profit of industrially public companies were obviously lower than other trades. However, the state-owned stock equity was proved beneficial to improving the operating performance of public companies. Some suggestions are given on empirical basis.

关 键 词：首次公开发行 上市公司 公司业绩 面板数据 稳定性检验 回归分析 财务指标 

分 类 号：F830[经济管理—金融学]