An Empirical Study on Operating Performance Effect of IPO Firms in Shanghai Stock Market
- 管理学院－已发表论文 
本文通过对1996至1999年间上市的沪A股公司的实证研究,发现在这些年间上市的沪A股公司确实同其它国家的新股一样,存在业绩下滑现象。结合中国特有的制度背景,本文采用实证研究方法探讨了公司IPO业绩下滑的影响因素。The study has found that after excluding macro-economic effects, there are still significant performance declines in the 228 firms issued type A shares between 1996 and 1999 in Shanghai Stock Exchange. Then, the paper put forward six possible factors to explain that effect: 1 .The influence of seasonal offerings within three years from IPO; 2.The influence of the concentration of ownership; 3.The influence of assessment in the process of pre-issue reshuffling; 4.The influence of money -raising on the post-issue operating performance; 5.The influence of industry; 6.Size of listed companies. Except industry, other factors contribute significantly to the decline of operating performance after IPO.