| From nineteen ninties, Chinese financial economics and accounting and financeresearch field has been on IPO (Initial Public Offering) before and after the listingCorporation operating an (no) effect and even lead to these is the main reason for thechange is also very concerned about. IPO listing Corporation in China as the GEMboard of the main body of the market, affect the main board and gem, gem IPOrelative to the motherboard market IPO is the existence of a greater risk. Therefore, toour country the gem IPO validity for specific empirical research is crunch time.The full text is divided into three parts, a total of seven chapters. The first part isan introduction, mainly in China’s gem IPO validity empirical research significanceand research background of a comprehensive introduction. The author from ourcountry does poineering work board the current development status, the situation, IPOgem in the position and do poineering work board relative to the main board there ismore risk and other aspects of the research, points out the novelty of this paper, givesthe framework.The second part is about the IPO theory and related literature review. The first,about IPO, IPO long, short-term underestimate overestimate the market hot and coldcycles, IPO effect and earnings management and other aspects of the review; second,logarithmic years at home and abroad gem IPO theoretical and empirical researchresults made more detailed review; third, in China’s second board IPO researchliterature reviewThe third chapter is the empirical research samples and the statistical description.The sample is from2009to October in China since the start of153IPO companyDecember31,2010, selected as a measure of IPO efficiency standards reflect thecompanies’ profit ability, debt paying ability, operation ability and growth ability,7Financial indexes. In addition to the overall study sample, in this paper, in order totest whether results from IPO company of venture capital investment, registered andthe influence of the industry, the author also in accordance with the IPO company has no risk investment background, the main business of the different (Eastern, central,Western) and in different industries on the samples to be grouped, to carry outcomparative study. This chapter also performed on the samples by descriptive statisticanalysisThe fourth chapter is about the research on IPO effect and significance test. Inthe first part, on China’s gem IPO effect evaluation. The main research methods forstatistical analysis and T test. The results show that, on the whole, our country doespoineering work board company does not have the IPO effect. The second part is thesignificant test, the authors of the IPO companies in the market before and after theseven index changes of parameters test and analysis of variance were used T F test.The results show that: the listing Corporation as a whole in the IPO before and aftersales profit ratio, return on assets, rate of return on net assets, the assets turnover,liquidity ratio, the ratio of liabilities to assets, equity ratio have significant differences.The fifth chapter is the regression analysis. On the choice of the independentvariable on the dependent variable of the impact of the relatively detailed discussion,and the interpretation of their results, pointed out that the effect of the market beforeand after the performance change factors, influence degree.The sixth chapter is the empirical study conclusions and Enlightenments of theconstruction of China’s gem. |
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