A Comparative Study Of The Performance Before And After IPO About Chinese Listed Companies In MBM

During the last thirty years since reform and opening up, capital markets ofChina development continuely to grow stronger, the demand of the enterprise forcapital is also more and more. Initial public offering,(hereinafter referred to as "IPO"),as one of the financing channels, has become the most important means of ourcountry enterprise. Listed companies received a lot of money, and listed companies,scale is constantly growing, but there is a low service efficiency of funds, financialratio indicators are undesirable.After finishing on previous literature, we found thatthe capital markets,weighter in developed countries or emerging markets in Asia, existthe phenomenon of decline after IPO in operating performance.This paper selected the listed companies in our country main board from2010to2011as samples, and adopts the profit ability, operation ability, solvency and growthcapacity,four categories a total of seven financial index, as a measure of evaluatingbusiness performance, besides this paper examine enterprise business performancebased on the comprehensive index which is constructed by expert empowermentmethod. Direct at each single index and integrated index, we used statistical analysisand double tail paired T test method to confirms the main board market exists "IPOeffect"in our country. Besides, whether the listed companies confront the riskinvestment background or what kind of industry the companies is, all the companiesreflect the "IPO effect",just in different extent. Then, we use the single factor F test ofvariance,the single variable multi-factor test of variance, F test to carried on theempirical study to sample group with different combination of vc background anddifferent industry group respecttively, the results show that after the IPO, only thesolvency become better significantly, but the profit ability, operating ability andgrowth ability of listed companies in main board are dropped；Besides,neither beforenor after the IPO,the listed operating performance of listed companies with riskinvestment backround is better than the operating performance of listed companieswithout the same backround. And after the IPO,the the asset-liability ratio and flowrate of listed companies with risk investment background is significantly better than the listed companies which have no the same background;In terms of the view ofindustry,the difference of industries can influence the changes of enterprise’soperating performance to some extent.Finally,we put forward some suggestions about how to reduce the effect of IPO.