Study Of Post-ipo Operating Performance Changing Trend Of Chinese Enterprises

China's economic boom since the late 1970s has promoted the initiation and development of capital market in China. In the past more than 20 years, China's capital market has developed rapidly, it plays a vital role in the reform of China's economic system and the way of the society resource distribution.Zheng Bin,who is the director of CSRC research center,said that China has now become the largest IPO market of the world, and this trend will continue in the future,.In this context,the thesis is intended to study the post-IPO operating performance changing trend of Chinese enterprises.First of all, this thesis conducted a systematic review of the IPO-related theories and Chinese enterprises'practice of IPO. Secondly,selectting the performance evaluation method to be used in the thesis on the basis of the analysis of the current evaluation method.Thirdly, we evaluate the operating performance between 2001 and 2007 of Chinese IPO firms in 2002. Meanwhile to appraisal the performance during the same period of control group companies selected according to certain conditions.The result indicated that:①The operating results of sample company in the IPO year and the previous year was obviously better than other years, this indicated that the sample company has carried on the financial packing for IPO.②Then along with the financial packing's gradual release,the sample group's financial performance has a gradual convergence with the overall economic situation.③Compared with small-scale companies, medium- scale and large-scale companies have not or less carried on the financial packing for IPO, and the post-IPO operating performance of large-scale companies had an overall promotion.④To consider from different industries,the possibility of earning management is relatively small in the energy as well as "machinery, equipment, instruments" industry supported by policies,and the post-IPO operating performance of these two industries has improved compared with before;contrarily,traditional industries such as "metal and non-metallic" and "wholesale and retail trade" are more inclined to earnings management.Finally, based on the research above,we proposed policy recommendations on how to improve the post-IPO operating performance of Chinese enterprises.