Analysis Of Operating Performance Changes Of Chinese Ipos In Small And Medium-sized Enterprises Market

With our economic reform and opening up and capital markets development, small and medium-sized enterprises grows gradually, however they have been unable to break through their financing bottlenecks. In 2004, using the experience of other countries for reference to solving the financing problem, IPO market for small and medium-sized enterprises was introduced, hoping to complete the capital structure, improve the operating performance and enhance the international competitiveness. However, by looking at the development of both foreign and domestic capital market, IPO companies listed no matter in foreign mature market or our emerging market, generally exists the IPO effect, which is the appearance of falling operating income after initial public offering.In order to figure out whether or not our companies listed on the small and medium-sized enterprises market face the same situation, this paper tries to combine development history of our capital markets and current system, using empirical analysis methods to test the comprehensive model established by some representative financial indicators. The testing outcome shows that:the indicators of profitability, solvency ability and grow ability of the sample declined after initial public offering of companies. On the basis of deep analysis of the reasons which may lead to the trend, the writer found several factors related to the company governance.Finally, from aspects of listed company governance and market regulation system, this paper made relevant recommendations to the overall development of listed companies and small and medium-sized enterprises market.