中国民营企业IPO前后经营绩效变化问题研究
摘要
近些年来,国内外学者从管理学角度对民营企业的组织结构、公司治理以及市场价值等方面进行了大量的研究,很多管理学理论与模型都在民营企业的经营实践中得到了验证,但对民营企业IPO(首次公开发行)行为的研究还不是很多。
本文从企业的融资与公开发行行为出发,在众多学者对国有企业首次公开发行行为的研究基础之上,本文对中国的民营企业IPO前后经营绩效进行了对比分析,从企业盈利能力、获利能力、偿债能力和成本控制能力四个方面入手,利用统计分析数据考查了民营企业在IPO前后经营绩效是否有所变动,此类变化是正向的还是负向的,民营企业是否仍该热衷上市发行,上市融资是否是所有民营企业的最佳选择等问题。
首先,本文对整个研究的框架与选取的研究方法进行了介绍,对国内外的相关研究文献进行了回顾与综述,并以当前的国内现实情况为基础,找出以往学者研究的不足以及民营企业IPO经营绩效问题应从哪些角度进行补充与突破,对全文所涉及的理论以及概念一一进行了界定,并对我国民营企业的发展历史、民营企业内外部结构的特殊性,以及我国资本市场的发展历程与现状进行了阐述。
其次,本文对民营企业IPO前后经营绩效变化进行了实证研究。利用我国民营上市公司的年报数据结合统计分析方法,对全文的理论与观点进行了验证,选取了在2000年至2002年间在中国A股市场进行IPO上市的民营企业为样本,对样本企业在IPO之前3年、IPO当年与IPO之后3年共7年的盈利能力、获利能力、偿债能力以及成本控制能力四个方面进行了考查。研究选用了描述性统计分析方法对样本企业IPO前后时段的财务指标进行了对比考查,并运用配对样本t检验方法进行了显著性检验,研究结果表明民营企业在IPO前后的盈利水平总体上是显著下降的;同时研究也显示虽然获利水平出现了小幅上升,但这是由于企业通过IPO融资增加了投资规模导致的;企业的偿债能力在IPO之后有明显的好转;研究最后以营业外支出作为企业成本控制能力的解释指标,发现企业在IPO上市融得大量资金后对主营业务以外的支出有明显的增多,可以判断民营企业存在资本利用效率低下的现象。
本文的实证研究又对整体样本进行了分类检验,分别对样本民营上市公司从企业所属行业、企业年龄、资产规模与融资规模四个角度进行分类,利用单因素方差分析方法将企业IPO前后的盈利能力、获利能力、偿债能力与成本控制能力分别进行考查,在企业年龄这个分类中没有发现有显著的差异,但在所属行业、资产规模和融资规模三个方面的分类分析中均发现了在上述4个财务能力指标上有明显的不同。这个结论说明民营企业的IPO经营绩效下滑问题是受其他因素控制的,处于不同行业、处于不同企业年龄、不同资产规模以及融资规模的民营上市公司在上述的IPO前后变化幅度上都是有区别的。
最后,本文对民营企业IPO前后经营绩效变化的实证结果进行了讨论与阐释,分析了是哪些因素导致这样的现象,同时给予尚未进行IPO与已经上市的民营企业给出了本研究的建设性意见与策略方案。希望我国民营企业能够基于本文的结论与建议,谨慎考量IPO行为,改善管理以及规范投资策略。
In recent years, both domestic and foreign scholars have made great efforts to study the private companies in terms of organization structure, company governance and market value. Many management theories and models have been demonstrated and tested in these private companies. However, research related to private companies IPO issues is relatively few.
This paper focuses on the financing and initial public offering activities of China’s private companies. Based on the previous research related to Initial Public Offerings issues, the paper examines the change of the firm performance, which includes the profit ability, the gain ability, the repay ability, and the cost control ability pre- and post- IPO. Using quantitative analysis method, the paper tests whether firm performance changed after the companies went public, whether the change is positive or negative, and whether it is a good choice for private companies to go public or not.
In the first place, the research introduces the outline of the paper, the methods adopted, and reviews previous literatures related to IPO issues. On the basis of China’s economic situation and prior research, this paper tries to find out insufficiencies of previous research and creates original points. This paper defines the theories and concepts quoted in this research and related to IPO problems, and illustrates the development of Chinese private companies, the characteristics of the internal and external structure of private companies as well as the development and status quo of Chinese capital maket.
In the second place, this paper uses the financial data reported by China’s private listed companies and statistical analysis skills to test the theories and hypotheses. The research collects all required data from 2000 to 2002, examines the profit ability, the gain ability, the repay ability, and the cost control ability for all sampling listed companies by using Paired-Samples T test in the quantitative analysis section. The results show that these listed companies’profit decreases, income increases, repay ability enhances after the companies go public. Finally the paper takes the non-operating expenses as the illustrating index for the cost control capability of the companies to demonstrate that there is an obvious increase of non-operating expenses after getting great amount of money in IPO, in this sense it can be stated that there is the intendancy of low capital utility rate in private companies.
This research also classifies all samples into four categories by industry, lifecycle, firm size, and financing amount in order to find out whether the financial performance including the profit ability, the gain ability, the repay ability, and the cost control ability indicators are different among all companies. The paper uses Analysis of Variance method to examine the difference of the performance indicators mentioned above among companies with different properties. The result suggests that companies with different ages do not have any difference in those four ability indicators. But many differences do exist when companies belongs to different industries, firm size, and financing amount groups. This finding indicates that the decrease of the firm performance is affected by other factors and companies with different properties would decrease to different extents.
In conclusion, this paper lists several significant factors that caused the change pre- and post- IPO and gives some advisable suggestions and proposals to those have not gone public yet as well as the listed companies. This research recommends that Chinese private companies to consider the results of this study, think over IPO activities, and improve their strategies for management and investment.
本文从企业的融资与公开发行行为出发,在众多学者对国有企业首次公开发行行为的研究基础之上,本文对中国的民营企业IPO前后经营绩效进行了对比分析,从企业盈利能力、获利能力、偿债能力和成本控制能力四个方面入手,利用统计分析数据考查了民营企业在IPO前后经营绩效是否有所变动,此类变化是正向的还是负向的,民营企业是否仍该热衷上市发行,上市融资是否是所有民营企业的最佳选择等问题。
首先,本文对整个研究的框架与选取的研究方法进行了介绍,对国内外的相关研究文献进行了回顾与综述,并以当前的国内现实情况为基础,找出以往学者研究的不足以及民营企业IPO经营绩效问题应从哪些角度进行补充与突破,对全文所涉及的理论以及概念一一进行了界定,并对我国民营企业的发展历史、民营企业内外部结构的特殊性,以及我国资本市场的发展历程与现状进行了阐述。
其次,本文对民营企业IPO前后经营绩效变化进行了实证研究。利用我国民营上市公司的年报数据结合统计分析方法,对全文的理论与观点进行了验证,选取了在2000年至2002年间在中国A股市场进行IPO上市的民营企业为样本,对样本企业在IPO之前3年、IPO当年与IPO之后3年共7年的盈利能力、获利能力、偿债能力以及成本控制能力四个方面进行了考查。研究选用了描述性统计分析方法对样本企业IPO前后时段的财务指标进行了对比考查,并运用配对样本t检验方法进行了显著性检验,研究结果表明民营企业在IPO前后的盈利水平总体上是显著下降的;同时研究也显示虽然获利水平出现了小幅上升,但这是由于企业通过IPO融资增加了投资规模导致的;企业的偿债能力在IPO之后有明显的好转;研究最后以营业外支出作为企业成本控制能力的解释指标,发现企业在IPO上市融得大量资金后对主营业务以外的支出有明显的增多,可以判断民营企业存在资本利用效率低下的现象。
本文的实证研究又对整体样本进行了分类检验,分别对样本民营上市公司从企业所属行业、企业年龄、资产规模与融资规模四个角度进行分类,利用单因素方差分析方法将企业IPO前后的盈利能力、获利能力、偿债能力与成本控制能力分别进行考查,在企业年龄这个分类中没有发现有显著的差异,但在所属行业、资产规模和融资规模三个方面的分类分析中均发现了在上述4个财务能力指标上有明显的不同。这个结论说明民营企业的IPO经营绩效下滑问题是受其他因素控制的,处于不同行业、处于不同企业年龄、不同资产规模以及融资规模的民营上市公司在上述的IPO前后变化幅度上都是有区别的。
最后,本文对民营企业IPO前后经营绩效变化的实证结果进行了讨论与阐释,分析了是哪些因素导致这样的现象,同时给予尚未进行IPO与已经上市的民营企业给出了本研究的建设性意见与策略方案。希望我国民营企业能够基于本文的结论与建议,谨慎考量IPO行为,改善管理以及规范投资策略。
In recent years, both domestic and foreign scholars have made great efforts to study the private companies in terms of organization structure, company governance and market value. Many management theories and models have been demonstrated and tested in these private companies. However, research related to private companies IPO issues is relatively few.
This paper focuses on the financing and initial public offering activities of China’s private companies. Based on the previous research related to Initial Public Offerings issues, the paper examines the change of the firm performance, which includes the profit ability, the gain ability, the repay ability, and the cost control ability pre- and post- IPO. Using quantitative analysis method, the paper tests whether firm performance changed after the companies went public, whether the change is positive or negative, and whether it is a good choice for private companies to go public or not.
In the first place, the research introduces the outline of the paper, the methods adopted, and reviews previous literatures related to IPO issues. On the basis of China’s economic situation and prior research, this paper tries to find out insufficiencies of previous research and creates original points. This paper defines the theories and concepts quoted in this research and related to IPO problems, and illustrates the development of Chinese private companies, the characteristics of the internal and external structure of private companies as well as the development and status quo of Chinese capital maket.
In the second place, this paper uses the financial data reported by China’s private listed companies and statistical analysis skills to test the theories and hypotheses. The research collects all required data from 2000 to 2002, examines the profit ability, the gain ability, the repay ability, and the cost control ability for all sampling listed companies by using Paired-Samples T test in the quantitative analysis section. The results show that these listed companies’profit decreases, income increases, repay ability enhances after the companies go public. Finally the paper takes the non-operating expenses as the illustrating index for the cost control capability of the companies to demonstrate that there is an obvious increase of non-operating expenses after getting great amount of money in IPO, in this sense it can be stated that there is the intendancy of low capital utility rate in private companies.
This research also classifies all samples into four categories by industry, lifecycle, firm size, and financing amount in order to find out whether the financial performance including the profit ability, the gain ability, the repay ability, and the cost control ability indicators are different among all companies. The paper uses Analysis of Variance method to examine the difference of the performance indicators mentioned above among companies with different properties. The result suggests that companies with different ages do not have any difference in those four ability indicators. But many differences do exist when companies belongs to different industries, firm size, and financing amount groups. This finding indicates that the decrease of the firm performance is affected by other factors and companies with different properties would decrease to different extents.
In conclusion, this paper lists several significant factors that caused the change pre- and post- IPO and gives some advisable suggestions and proposals to those have not gone public yet as well as the listed companies. This research recommends that Chinese private companies to consider the results of this study, think over IPO activities, and improve their strategies for management and investment.
引文
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