| The stock market invests is the outcome of the capital market that develop to the senior stage. The maturity degree that stock market develops already becomes a important sign judging one country market economy development degree. According to effective market degree, can divide stock market into strong effective market , partly strong effective and weak effective marketplace etc. On completely effective market, ought to be able to reflect all stock value condition including past , now and future. In a effective marketplace environment, the investor can anticipate that the stock future shows form his recodes of the history prices, decides invest or not ,the effective market is still a ideal state , does not have the completely effective market in the world. . Initial Public Offering(IPO) is a very important things for investor and enterprise. IPO has provided the marketplace that can provided the assisting financing source that can help enterprise development and giving whose shareholder to a flowability marketplace, then it also bring the opportunity of sharing enterprise profies for the investors. At present main concentrates on the IPO research are Underpricing of Initial Public Offering,Long-run Underperformance of Initial Public Offering and Hot Issue Markets of Initial Public Offering.Along with the Ratter's creative research in 1992,the Long-run Underperformance of Initial Public Offering had become a hot issue which multitudinous scholars study. Ritter and the Welch summary literature pointed out that many research for long-runing performance have been found that the investment rate of return which new stocks enter the market in the three to five yeats may be lower than the average rate of market's return rate in the same time or compared to company's same time rate of return, namely the so-called Long-run Underperformance of Initial Public Offering.Not only regarding the IPO effect research needs to study whether has the IPO effect moreover also to have to study the IPO effect the scope size, these research results, when carries on the investment have the important reference value to the stock investor.The IPO effects of the existence not only to study but we should also study the effect of IPO IPO size of the rate effect, these research results not only to the stock market, investors have a considerable investment in the reference value, the more favorable for outstanding enterprises the funds, to achieve optimal distribution of resources and better guarantee the efficiency of the market.First, the main contents of papersAs China's capital market continues to develop, a shortage of funds to enterprises gradually equity financing as its desire to pursue a funding target and approach. Listed companies access to resources through the stock market, and at the same time control and domination of these resources, thereby inevitably assume the responsibility of the EPP(Enhanced Productivity Programme). Then the performance of the companies which after IPO, will become a special concern. At the same time, in recent years China's capital market, listed companies often results in the listing of the sharp drop in the phenomenon exists, we have to analyze the listed company's performance before and after the changes in the IPO trends, the analysis of such factors and the changes in these factors in the change in performance the role played by. Through this analysis, we can regulate the IPO listed companies, to minimize the effects of the IPO, maintaining the stability of the capital market played.This paper is divided into six parts as follows:Chapterâ… Introduction thesis of this chapter is the overall, the topics on the background papers, writing original intention in writing the specific methods used in the theoretical tools and the basic ideas in this paper reads, logical structure of profiles, allowing readers to the article there is a a general understanding.Chapter II the summary of IPO effects and related Concepts. IPO effects on the issue has evolved, as well as domestic and foreign IPO effects on the status of the study. Relatively speaking, the study abroad more comprehensive, concrete, and therefore this paper focus on the following areas of foreign literature: the study variables, samples and timing, the definition of IPO effects, the basic content and the basic characteristics of a mechanism, their study reveals the significance of such areas further value.Chapter III descriptive analysis and testing of IPO effects. The main part of the companies through the EBIT before and after IPO the changes to the descriptive statistics reveal the true effect of IPO existence , at the same time use WILCON two matching samples for testing EBIT and proved there is an obvious difference which from before and after IPO,Using data from stock market of Shanghai to IPO listed companies in 2003, research variables for EBIT ROS, ROA and ROE.Chapter IV IPO effect of the causes. IPO effect on the causes of domestic and foreign companies from the IPO divided into two controllable factors and non-controllable factors both for analysis. On the one hand, the quality of the company's IPO, the listing qualifications to achieve the earnings management, the company's management structure, change the collection of funds invested, and so is the effect caused IPO controllable factors.On the other hand, the macroeconomic environment changes, industry downhill result IPO, and so on are the effects of non-controllable factors.Chapter V IPO effect Empirical Analysis of the original factors. By 2003 the Shanghai stock market in 2003 listed companies in the IPO five years before and after the performance of the empirical analysis, drawn three conclusions, First IPO effect was mainly due to the main business enterprises do not have a strong profitability caused by, followed by the enterprise operating capacity of the reasons for the big shareholders and company profitability ratio inversely proportional to the third is the proportion of state-owned shares and legal person shares and corporate performance ratio inversely proportional.Chapter VI control measures and suggestions of IPO effect. Combining this part of the reality of our country, in view of the Institute of paper found through empirical issues, focus on two areas of proposed control measures and IPO proposals, one is from the perspective of IPO companies, the IPO to improve the company's management structure, such as the shareholding structure , the Board operation and incentive mechanisms, and other aspects of the useful exploration; On the other hand, from the securities regulatory perspective, the need to Securities Regulatory relevant departments to further improve the management system, such as: to be listed on the company's IPO qualified audit the disclosure of information and the supervision of intermediaries, and other aspects of a useful exploration.the paper's main contribution1,In light of China's A-share market, the effect on the IPO generated factors into controllable factors and non-controllable factors. As a result of this classification method of the present author has not yet discovered the first use of others, and may have some innovative;2,From the enterprise internal integration and external supervision to prevent and resolve two aspects IPO effect on the adverse effects of China's securities market, to a certain extent practical significance.The need for further research directionsAs my knowledge level and time constraints to complete the paper,so there are many deficiencies. Information and data collection is not comprehensive enough. Meanwhile, the paper also caused the need for the non-controllable IPO of factors, such as: how the company according to the macroeconomic environment and external changes in the competitive environment to reduce the effect of IPO in areas such as in-depth, specific research. |
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