IPO股权融资绩效研究——来自长三角地区科技型中小企业的证据  

Research on IPO Equity Financing Performance: Evidence about Technology-based SMEs in the Yangtze River Delta

作　　者：熊发礼[1] 秦仁杰 XIONG Fa-li;QIN Ren-jie(Jinling Institute of Technology,Nanjing 211169,China)

机构地区：[1]金陵科技学院商学院,江苏南京211169 [2]金陵科技学院理学院,江苏南京211169

出　　处：《金陵科技学院学报（社会科学版）》2019年第3期11-16,共6页Journal of Jinling Institute of Technology(Social Sciences Edition)

基　　金：金陵科技学院高层次人才科研启动费项目(jit-b-201835)

摘　　要：根据科技型中小企业的特征提出理论假设,通过对企业IPO前后外源股权融资绩效进行比较,构建IPO股权融资绩效的评估方式。以长三角地区科技型中小企业为例进行研究发现,样本公司虽然存在“IPO效应”,但IPO股权融资绩效比前两年的外源股权融资绩效有显著提高,且科技属性更强的创业板上市公司绩效提高更明显。这将从绩效视角为促进科技型中小企业IPO和设立科技属性更强的“科创板”等政策提供理论支持。Based on the characteristics of technology-based SMEs,the theoretical hypothesis is put forward.Through the comparison of exogenous equity financing performances before and after IPO,the measurement method of IPO equity financing performance is constructed.Taking the technology-based SMEs in the Yangtze River Delta as an example,the research found that although the sample companies had“IPO effect”,their IPO equity financing performance was significantly improved better compared with the exogenous equity financing in the previous two years,and the performance of GEM listed companies with stronger science-technology attributes was improved more significantly than the SMEs board companies.From the perspective of performance,this provides theoretical support for policies to promote the IPO of technology-based SMEs and to set up“Science-technology Innovation Board”with stronger science-technology attributes.

关 键 词：科技型中小企业 IPO效应 IPO股权融资绩效 长三角地区 

分 类 号：F832.5[经济管理—金融学]