IPO融资对创业公司运营绩效的影响  

The Effect of IPO Fundraising on Operating Performance of the Chinese Entrepreneurial Firms

作　　者：龙海 刘兰勇 LONG Hai;LIU Lan-yong(School of International Economics,Anhui International Studies University,Hefei 231201,China;School of Business,Jiangri Science and Technology Normal University,Nanchang 330038,China)

机构地区：[1]安徽外国语学院国际经济学院,安徽合肥231201 [2]江西科技师范大学商学院,江西南昌330038

出　　处：《青海师范大学学报（社会科学版）》2023年第1期47-59,共13页Journal of Qinghai Normal University（Social Sciences）

基　　金：安徽省教育厅高校自然科学研究重大项目(KJ2021ZD0143);安徽外国语学院博士科研基金项目(awbsjj2021001)。

摘　　要：该研究通过对创业板上市公司IPO前后的经营业绩分析,分析IPO融资对上市公司内生经营绩效的影响,利用回归模型来检验IPO在多大程度上分别对五个经营绩效指标产生影响。研究发现创业公司在上市后的第一年主要利用IPO资金来调节公司的债务水平,而在收入和净利润的增长并非IPO融资所贡献,且这些经营指标的增长并未实现公司总体运营绩效的同步提升。IPO对企业的收入和净利润相关的运营绩效影响甚微,虽不同行业和省份的企业表现略有差异,说明大部分的上市企业未能有效利用IPO资金来提升其经营绩效。Sampling 500 listed firms from the Chinese Growth Enterprise Market and analyzing their pre-and post-IPO operating performance,this paper investigates IPO fund-raising impact on firms operating performance.This study employs regression models to examine what extent IPO significance in terms of five operating proxies.It shows the IPO capital is significantly used as a leverage to adjust firm debt in the first year of going public,which is insignificant to income and profit-associated growth,and these kinds of growth do not contribute to firms operating performance overall.IPOs have less contribution to income and profit-based performance,but it may be affected by some industry-adjusted and location-related factors,namely,majority of IPO firms are unable to manage their IPO fund effectively and efficiently to maintain their sustainable growth.

关 键 词：IPO融资 经营绩效 创业公司 

分 类 号：F830.91[经济管理—金融学]