| The financing difficulties and its high costs of SMEs have always been a difficult problem in China.At the same time,China's capital market has the disadvantages of imperfect structure and unclear levels.In order to deal with this problem,the State Council and the China Securities Regulatory Commission jointly launched the NEEQ in 2013.Since then,the NEEQ market has become a new trend for the development of small and medium-sized enterprises.In 2014,a total of 1,216 companies were listed on the NEEQ,three times than that in 2013,and during 2015 to 2016,the NEEQ grew explosively.By the end of 2017,there were more than 10,000 companies in the NEEQ.From 2013 to the present,the NEEQ has experienced an explosive development,and the situation is impressive.At this stage,companies listed in the NEEQ are located in various industries and regions,effectively enriching the structure of China's capital market.At the same time,when the NEEQ was talked about by people,there were few related researches on it.Domestic and foreign scholars have proven that there is an"IPO Effect" on the main board,small and medium board,and the Growth Enterprise Market.Is there the same conclusion in the NEEQ market?This article learns from the experience of the main board market,the small and medium board and the Growth Enterprise market,and studies the "IPO Effect" of the NEEQ market.Theoretically,this paper summarizes and analyzes three traditional "IPO effects" theories:earnings management theory,principal-agent theory,and market selection theory.It is believed that the NEEQ market mainly serves small and medium-sized micro enterprises,which have certain specialities compared to other markets.On the empirical level,this paper selects 837 companies listed on the NEEQ in 2014 as a sample,using ROE as a measure of the company's operating performance to study whether there is an "IPO Effect" in the NEEQ market.and its influencing factors.The study found that the operating performance of the listed companies significantly changed between the two years before and after the listing.The average of the operating performance after listing was significantly lower than the average of the pre-listed operating performance.This paper proved the existence of the "IPO Effect" by t-test and Wilcoxon signed rank test.,and on this basis,analyses the "IPO Effect" of the NEEQ market and its influencing factors of the company's operating performance one year after listing.This article draws the following conclusions:Private Placement is one of the major factors affecting the "IPO Effect" of the companies,and it has a significant effect on the operating performance of the listed companies one year after the listing.The traditional shareholder ratio of the largest shareholder and the reputation factor of the host securities are useless in the NEEQ.But there is a significant positive correlation between the shareholding ratio of the largest shareholder and the operating performance of the company one year after listing.In addition,the regional difference,asset-liability ratio,asset turnover rate,and operating income growth rate both have a significant impact on the "IPO Effect" of the NEEQ market.This paper systematically studies whether there is an "IPO Effect" and explores its influencing factors in the NEEQ market.It is an effective supplement of related theory in the capital market,and has certain theoretical significance.At the same time,the results of this paper can give certain guidance and inspiration to investors and policy makers in the NEEQ market,so it also has certain practical significance. |
