A Empirical Study About China's Listed Companys' IPO Performance

During the last ten years in the security market of our country, listed companies carry on initial public offerings (hereafter referred to as IPO) has already become a kind of general phenomenon. The listed companies have also raised a great amount of capital in China's security market Though the size indicators display increasing trend after IPO, the ratio indicators are not so desirable. There are underperformance and abused or leave unused of proceeds. After review the related domestic and international literature,it is concluded that there are operating performance, decline after IPO whether in matured market or in emerging market.Based on China's IPO firms in 2000, this thesis explores the trend and causes of operating performance change of these listed companies. The first part is on the current situation of Chinese IPO market and offering mechanism reform,On the base of it, the accounting index method was used to make empirical analyses to listed companies about the long-term performance on IPO in our country. It make empirical analyses about listed companies, initial public offerings in 2000 in China by principal component analysis and paired-samples t test at first, the result shows on the whole the long operating performance of these companies hasn't been improved, and there is no deterioration on IPO about listed company in China.,that is to say,the phenomenon about the deterioration of post-issue operating performance。Then it examine the long operating performance of different asset-size and industry of these companies after IPO .The result shows: there is evidently deterioration on IPO for both large and small companies, and there is no deterioration on IPO about middle asset-size company in China; it think there are more earnings management in these companies of"petroleum, chemical product, plastics, rubber"and"electricity, gas, water supply"than those of"metal, nonmetallic mineral product"and"whole sale and retail trade"; and there is no deterioration on IPO for the former companies, on the contrary, there is deterioration on IPO for the latter.This article puts forward the relevant policy recommendations on raising our country's listed company IPO operating performance on the basis of every part of research finally.