The Time Effect And Endogenous Of Growth Of Listed Companies

The stock market in China has developed rapidly since 1990,attracting more and more scholars'attention and research.We combined theoretical research and empirical analysis to discuss the time effect and endogeneity of the growth of Chinese listed companies,and gives theoretical conjectures according to the empirical results.All listed companies in the A stock market of the Shanghai stock exchange and the Shenzhen stock exchange are selected as samples.In order to ensure the consistency of the sample characteristics,the companies of financial industry,companies that have been rated as ST,*ST or PT,and the companies with midway delisting and some samples with serious lack of data are eliminated.In order to ensure the complete specification of quarterly data disclosure and the length of the sample period,we selects the panel data from the first quarter of2002 to the fourth quarter of 2017 and limits the time of IPO of listed companies to the third quarter of 2013 and before.After screening,the sample contains 762 listed companies.In order to study the time effects of the growth of listed companies,we establish a balanced panel model,and carry out empirical regression and parameter estimation for the panel data.In the model,we select the growth rate of operating income as a dependent variable,and the time after IPO and its two item T~2 are the dependent variables.Based on the length of the time after IPO,the samples are grouped and regressed separately to explore the time effect of the growth.The regression results show that,with the time going on,the growth trend of listed companies shows a trend of upward at first and then downward.Therefore,through empirical research,this paper confirms that the time effect of growth of Chinese listed companies does exist.Based on the research above,we add the logarithm of the total assets,the proportion of the first large shareholders,the asset liability rate and the net interest rate as the control variables,treated as ln_asset,owncon1,dbastrt,and incomeps,so as to discuss the endogenous of the time effect.The regression results show that,after adding the control variables,the trend of growth is just as before.Therefore,the time effect of growth of listed companies has significant endogenous characteristics.Different with other researches,we focus on the impact of time on the growth of the company.The empirical results show that the growth of Chinese listed companies has a significant time effect,and this time effect is endogenetic.If the research ideas,empirical methods and conclusions can be extended to other indicators in the field of corporate finance,it may provide a new perspective for the study of corporate governance.