Research On The Efficiency Of Notarized Public Offering Companies

Relative to the foreign stock market, our stock regulator has strict standards to listed companies, especially in the main board listing. The most basic conditions is seting up for full three years and sustainable profitability. But in our stock market there is government intervention to the market, which is that the regulator approves the companies with the going-concern time of less than three years listed in advance,namely notarized public offering. For the rationality of notarized public offering policy, there is larger controversy in the both finance and academia. While in this paper, we study the efficiency of listed companies after notarized through the growth, the use efficiency of fund after listing, the return to shareholder and social responsibility to elaborate the rationality of notarized public offering policy.First,this paper reviewes the government intervention theory and the document of listed companies’efficiency. On this basis, we discuss the practical running efficiency of the notarized public offering using empirical analysis from these four aspects. The empirical results show that:The performance of the notarized public offering companies when IPO is worse than the ordinary companies, but the growth after IPO is higher. The notarized public offering companies have the poor performance on the use efficiency of fund. The cash dividend payment rates of the notarized public offering companies are much higher than the industry averages, but no obvious advantages in capital gain. As the large state-owned enterprises, the notarized public offering companies are positive in the performance of the employees responsibility, environmental responsibility, community responsibility and client responsibility, but negative in the shareholder responsibility. The above result of this research shows that the notarized public offering companies has certain advantages to the ordinary companies in the efficiency of post-marketing, and the notarized public offering policy has a certain rationality.