| This paper studies on IPOs’long run performance, the enterprise performance and the impact to the stock market in our country from the micro level, researches a correlation between them. First of all, using the CAR model to study the long-run performance of IPOs, finds that the long-held yields of new listed stock are negative, the IPOs underperform the market for a long time, this is consistent with the slump of Chinese stock market; Secondly, use the factor analysis to study the enterprise performance before and after the listed and its long-term trend, finding that the enterprise performance, which year the companies are listed is better than before and after, and becomes deteriorating after the listed; Finally, by using the comparative analysis method, this paper analyses the relationship between the stock returns and the operating performance, shows that there is a certain positive correlation between them, especially that corporate profitability has an important influence on stock yields, but enterprise debt paying ability reveals no positive correlation with the stock returns, to the contrary, there is a negative correlation between them, indicating that investors do not care about the dilemma of the enterprise in the future and its long-term development, the investors more like for short-term investments, it is speculative.According to the results of this empirical analysis, this paper points out that the underperformance of IPOs is consistent with the Chinese stock market’s slumps. Enterprise performance deterioration is one of the important reasons for the IPOs’underperformance, at the same time, because the phenomenon of speculation in the stock market and the lack of regulatory that makes the downturn in the stock market more serious. And put forward that we should seek a good way from enterprise management, regulatory reform, listing mechanism and financing channels and so on to reform and improve the Chinese stock market. |
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