Chinese Listed Companies Before And After Listing The Operating Results Of Empirical Research,

The performance of listed companies has always been an issue concerned by both the academic circles and the professionals. In this paper, we try to analyze the influence of the private companies' public listing to their performances in the several years following the listing and compare the performances before and after the listing to leam about the positive or negative change.We also do a positive research mainly using one-sample t test. The sample comes from the financial reports (respectively from 1994-2000 and from 2001-2007) of all the newly-listed A-Share companies in both 1997 and 2004 in the Shanghai Stock Exchange. The results of the one-sample t test are to help examine the changes of the indices and thus help prove the changes of the performances of the listed companies.The empirical study shows that whether it is the last century or it is the 21st century, the sample companies' performance indices have insignificant positive changes, and occasionally insignificant negative changes. Indeed, there is an insignificant increase on the growth rate of gross operating income, whichever sample it comes from; there is an insignificant increase on the gross operating profit ratio and a significant decrease on the net income, according to the sample coming from 1994-2000; whereas, there is an insignificant decrease on the gross operating profit ratio and a significant increase on the net income, according to the sample coming from 2001-2007; an insignificant or significant decrease exists on both the return of earnings before taxes on worth and return of earnings before taxes on assets, whichever sample they come from; and there is always a significant increase on the asset-liability ratio. We have also explained with several possible reasons.