创业板企业上市前后经营业绩比较研究  

The Comparison of Business Performance of GEM Enterprises before and after Being Listed

作　　者：杨敏[1] 

机构地区：[1]浙江商业职业技术学院,浙江杭州310053

出　　处：《科技管理研究》2014年第18期144-151,共8页Science and Technology Management Research

基　　金：国家留学基金委地方合作项目(留金法[2011]5025);浙江省科技厅软科学研究计划项目"浙江省中小企业运营风险与防范研究"(2012C35060)

摘　　要：以2010年期间在深圳创业板上市的117家公司的数据为样本,利用参数检验和非参数检验方法建立假设,对公司上市前后的经营效果相关财务数据进行配对比较分析,发现上市对公司经营业绩起到显著的影响作用,反映出企业的投资者利益和发展能力、经营业务能力和企业技术竞争能力有显著提升,而资本获利能力、盈利与获取现金的能力有明显下降。这一结论为中小企业上市动机和经营效果变化提供理论解释,为公司治理效率和经营战略提供经验证据。The paper compares and analyzes corporations financial data before and after being listed, using the parametertest and non parameter test method based on operation effect hypothesis, choosing 117 companies in 2010 in Shenzhen GEMlisted data as samples. We find the significant impact on corporate performance by listing, which improves the investors＇interests, development and operation ability and enterprise competitive technical ability, but the capital profit ability, profitability and cash ability have decreased significantly. This conclusion provides a theoretical explanation for the listing ofSMEs about change motivation and effects of management, also provides empirical evidence for the efficiency of corporategovernance and business strategy.

关 键 词：创业板 中小企业 上市前后 经营业绩 比较 

分 类 号：F832.51[经济管理—金融学] F272.5