A Study Of Chinese Manufacturing Companies' Financial Performance Changes And Influencing Factors Before And After The IPO

Since the establishment of Chinese capital market,the domestic scholars' attention to the problems of equity financing is higher and higher.The IPO is an acronym for Initial Public Offerings,or Initial Public offering.The academic circles discuss the issue based on the different views.In terms of the results of the study,due to the different study views,the selection of indicators and the results are different,even presents the opposite result.In terms of the research object,due to the different selections of study object,the conclusions are also different.Therefore,it is necessary for the study of specific areas.As is known to all,manufacturing is the main body of the national economy,and it is the important symbol to measure the country's international competitiveness and comprehensive strength.Therefore,this paper takes Chinese manufacturing listed firms in 2012 as samples,and explores manufacturing company's financial performance changes and influence factors before and after the IPO.Through the analysis of Chinese manufacturing companies' the changes of the financial aspect before and after the IPO,this paper can perfect the research system of the relationship between equity financing and financial performance,and provide guidance and reference for company to be reasonably listed.First,this paper introduces the equity concentration,financing scale,and the relevant theories of public financing and financial performance.Secondly,on the basis of selecting the concentration of equity and the scale of financing as the independent variable,this paper analyzes the influence of two variables on the financial performance before and after the IPO and proposes six hypotheses.Finally,this paper takes Chinese manufacturing firms' financial data before and after five years of listed in 2012 as the research sample,and uses the regression analysis method to establish the regression model to make empirical research of the Chinese manufacturing firms' financial performance change and influence factors before and after the IPO.Research results are as follows: a.There was a significantly positive linear correlation between equity concentration and the change of the long-term debt paying ability before and after the IPO,but there was no significant linear correlation between equity concentration and the change of the short-term debt paying ability before and after the IPO;b.There was no significant linear correlation between equity concentration and the change of current assets operation ability and total assets operation ability before and after the IPO;c.There was no significantly linear correlation between equity concentration and the change of the sales profitability before and after the IPO,but the relation between ownership concentration and the change of the total assets of profitability and the net profitability was significantly positive;d.There was a significantly positive linear correlation between financing scale and the change of the long-term debt paying ability before and after the IPO,but there was no significant linear correlation between financing scale and the change of the short-term debt paying ability before and after the IPO;e.There was a significantly negative linear correlation between financing scale and the change of the operation ability before and after the IPO;f.There was no significantly linear correlation between financing scale and the change of the sales profitability,the correlation between financing scale and the change of he total assets of profitability and the net profitability before and after the IPO was significantly negative.