The Study Of IPO Effect In The Listed Company Of The Small And Medium-sized Enterprise Board

IPO effect refers to the phenomenon that the operational performance of the enterprises slides obviously after their IPO in capital market. IPO effect has been proven both in the mature market abroad and the main board market in China.With the emergence of ST companies, it is under a test to determine whether the small and medium-sized enterprises board has the IPO effect.As an important participator in the IPO market of small and medium-sized enterprises board, venture capital exerts a positive influence on the IPO of small and medium-sized enterprises. Therefore, it is of great significance that academics study empirically the small and medium-sized enterprises' IPO effect based on the view of venture capital.This thesis first presents readers a summary of the theoretical explanations of IPO effect as well as the empirical researches on this topic at home and abroad, and then analyzes the current development of the IPO of small and medium-sized enterprises board from the view of venture capital so as to test the IPO effect. Moreover, through analyzing cross-sectional multivariate regression model, this thesis conducts an empirical research on the influential elements in IPO effect. The result shows that before their IPO, enterprises having share-holdings in venture capital perform better in their profitability and debt paying ability than those enterprises having no share-holdings in venture capital while having no distinct differences from the latter in terms of operating capacity and growth capability. After their IPO, enterprises having share-holdings in venture capital perform better in their profitability than those enterprises having no share-holdings in venture capital while having no distinct differences from the latter in terms of debt paying ability, operating capacity and growth capability. IPO effect exists on the whole within small and medium-sized enterprises board. However, the performance of enterprises having no share-holdings in venture capital tumbles much more rapid than that of enterprises having share-holdings in venture capital. Elements, for example, having share-holdings in venture capital or not, time of IPO, proportion of raising capital during IPO to the overall capital, location of the main business, auditing bodies, business field and business performance before IPO, have an obvious influence on the IPO effect of small and medium-sized enterprises board.In the end, this thesis provides readers with an analysis on the research outcome and with suggestions for reducing the IPO effect, namely, promote the development of venture capital, encourage shareholders' lengthening of lock-in period, strengthen the management of raising capital, and establish intermediary institutions' rating system with good reputation. The above mentioned policies can act as a reference to the perfection of the IPO system of the small and medium-sized enterprises board and Growth Enterprise Market.Through a comparison of the related researches at home and abroad, the thesis has the following three points of innovation: taking the small and medium-sized enterprises board, a newly rising capital market, as the study subject, this thesis, to some extent, fills up the predecessor's research gap; according to the needs of specific research, this thesis, through T examination on individual sample, nonparametric Mann-Whitney examination, T examination on related samples, Wilcoxon examination, and cross-sectional multivariate regression model, conducts an empirical research on IPO effect based on reasonable and scientific methods; from the aspect of venture capital, this thesis studies the IPO effect of small and medium-sized enterprises board, proving a unique point of view to the research field of IPO effect.