The Study Of "IPO Effect" In The Listed Companies Of The SME Board——From Corporate Governce View

"IPO Effect" refers to the decline of performance of companies after IPO. Integrated with the relevant theoretical explanation and the theory study at home and abroad, this paper selects133companies listed on SME board as samples, then tests the existence of the "IPO Effect" and explores the factors which will affect "IPO Effect" from the perspective of corporate governance. Firstly, this paper describes three kinds of theories to explain the "IPO Effect" and puts forward five theoretical assumptions which likely affects the "IPO Effect". Secondly, in the empirical study, we find that there is obvious "IPO Effect" with the companies which are listed on SME board and the results also show that the "IPO Effect" of listed companies in which managements do not hold shares, of which the "IPO Effect" tends to be more serious. Thirdly, this paper constructs a cross-sectional multiple linear regression model to analyze the factors about corporate governance to the "IPO effect" and it is found that the managerial ownership and the balance degree of equity are two positive factors to the performance of companies after IPO; but the ownership property is a negative factor. In the last chapter, the author makes the conclusions of this research and explains it, then raises the policy recommendations about the structure of corporate governance to the listed companies.