Analysis Of IPO Effect And Influencing Factors Of GEM Based On Structural Equation Model

Initial public offering(IPO)refers to a company issuing shares to investors through the stock exchange for the first time.The GEM is a securities trading market that provides financing channels and growth space for small and medium sized companies and emerging companies that can not be listed in the main board market for the time being.The financing of companies that meet the requirements and needs capital is to promote the development of the company,and at the same time,it provides an investment way for the idle funds of the society.In theory,the listed companies can bring many advantages to the enterprises.The funds raised will help enterprises to expand the scale of enterprises in a short time and improve the competitiveness of the market.Therefore,the listed companies after IPO should have better performance than before IPO.However,both domestic and foreign researchers have found that,whether the capital market in developed countries or the emerging market,the decline in operating performance after IPO has emerged.This paper takes the GEM enterprises listed in 2012,2014 and 2015 as samples,focusing on the micro level,that is,the perspective of corporate governance,and through the impact of multiple factors on the multiple indicators of enterprises to study the IPO effect of the enterprise,mainly studying the following three aspects:(1)Using descriptive statistics to verify the existence of IPO effect of GEM listed companies.(2)Use the structural equation model to test the influence degree of each factor to the IPO effect,and draw the conclusion that the IPO effect and the management level,the ownership concentration,and the investment in scientific are all in the negative correlation.(3)According to the above analysis,the strategic recommendations of improving ownership concentration,increasing management equity incentive and increasing investment in scientific research are given.From the academic level,the study further validates the widespread existence of the IPO effect,and plays an effective complementary role in the research of the existing IPO effect field and lays a theoretical foundation for further research.The innovation of this article lies in the following: first,for the study of the IPO effect,most scholars stand on the macro level,and the conclusions and suggestions are aimed at the regulatory agencies and the financial market.The conclusions and suggestions of this article are on the micro level of the enterprise.Secondly,the Research on the former IPO effect.According to the method,multiple use regression analysis and statistical description are used to determine the impact of multiple factors on a certain enterprise performance index.However,the IPO effect is not only reflected in a certain performance index.This paper uses the research method of structural equation to monitor the impact of multiple factors on multiple enterprise indicators,and strengthens the research section.Learning.Therefore,in the choice of data,it is different from other researchers to select a small number of research indicators,but select multiple indicators as the embodiment of the IPO effect.