浙江社会科学

本文从创业投资的视角分析了中小企业板IPO发展现状,在此基础上对IPO效应进行了检验,并通过构建横截面多元回归模型对IPO效应的影响因素进行了实证研究。结果表明:在IPO前有创业投资持股企业在盈利能力、偿债能力方面优于无创业投资持股企业,而在营运能力、成长能力方面并无显著性差异;在IPO后有创业投资持股企业的盈利能力优于无创业投资持股企业,而在偿债能力、营运能力、成长能力方面并无显著性差异;中小企业板整体上存在IPO效应,但无创业投资持股企业的经营业绩下滑幅度明显大于有创业投资持股企业;创业投资、IPO年份、募集资金额占总资产比重、主营业务所在地、审计机构、所在行业以及IPO前的经营业绩等因素对中小企业板IPO效应有着显著的影响。

This paper analyzes the current development of the IPO of small and medium-sized enterprises board from the view of venture capital so as to test the IPO effect.Through analyzing cross-sectional multivariate regression model,this paper conducts an empirical research on the influential elements in IPO effect.The result shows that before their IPO,enterprises having share-holdings in venture capital perform better in their profitability and debt paying ability than those enterprises having no share-holdings in venture capital while having no distinct differences from the latter in terms of operating capacity and growth capability.After their IPO,enterprises having share-holdings in venture capital perform better in their profitability than those enterprises having no share-holdings in venture capital while having no distinct differences from the latter in terms of debt paying ability,operating capacity and growth capability.IPO effect exists on the whole within small and medium-sized enterprises board.However,the performance of enterprises having no share-holdings in venture capital tumbles much more rapid than that of enterprises having share-holdings in venture capital.Elements,such as having share-holdings in venture capital or not,time of IPO,proportion of raising capital during IPO to the overall capital,location of the main business,auditing bodies,business field and business performance before IPO and so on,have an obvious influence on the IPO effect of small and medium-sized enterprises board.