基于公司治理的IPO中小企业中期业绩实证研究
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摘要
本研究以2004年在深圳中小企业板上市的38家企业为样本,结合国内外相关理论研究和中小企业板上市公司的实际状况,对中小企业板IPO中小企业中期业绩及其基于公司治理层面的影响因素展开实证检验并提出对应的改善策略。
首先,运用描述性统计分析,研究样本企业的六年期整体业绩表现,并通过时间序列分析比较上市前后的总体变化趋势,通过T检验进行检验分析。为了保证考察角度的全面性,本研究对代表样本企业业绩的偿债能力、营运能力、获利能力以及成长能力进行分析,发现在我国中小企业板IPO中小企业存在着一定程度的中期业绩下滑。
其次,本研究从公司治理的视角出发,对我国中小企业板IPO企业上市后三年业绩下滑进行分析和解释。根据我国股票市场的独特特征,挖掘造成我国中小企业板IPO中期业绩不佳的公司治理层面内在原因。通过建立多元线性回归模型和D-W检验,本研究提出股权集中度、控股股东性质、独立董事比例、总经理是否同时兼任董事长或副董事长、公司控制权以及流通股比例等六项影响样本企业上市后业绩的因素。其中,股权集中度与企业业绩负相关;控股股东性质、独立董事比例、公司控制权以及流通股比例与公司业绩正相关。根据实证研究,得出了公司治理对IPO中期业绩影响的若干结论。
最后,以前面的实证研究为基础,针对中小企业板上市公司普遍存在的公司治理方面的问题,从优化股权结构、强化董事会治理机制、强化经理层监督和激励机制等具体方面提出对应的改善建议,以完善我国股票市场和公司治理机制。
Integrated with the actual situation of the enterprises on the SME board and the theory study at home and abroad, this paper regarded 38 enterprises listed on small and medium-size enterprises board of Shenzhen as samples, conducted practical tests for the factors based on levels of corporate governance and performances of SME board.
Firstly, use descriptive statistical analysis to study samples of the six-year enterprise's overall performance and use time series analysis to inspect the general trend before and after listing. In order to ensure the comprehensive study, the paper analyzed the solvency of enterprises, operating capacity, profitability and growth capacity, which represent the performance of samples, proving that there is a certain degree of interim results decline in the SME board in China's market.
Secondly, the paper analyzed and interpreted the poor performance of China's SME board IPO market after the listing of three years, from the perspective of corporate governance. According to the unique characteristics of China's stock market, the paper starting from the corporate governance factors, mines the reasons for the poor performance of China's SME board IPO for the medium term. This paper used the methods of empirical studies, proposes six inspecting factors such as the nature of controlling shareholders, the proportion of independent directors, general manager acting as the chairman or vice chairman of the same time, the power controlling the company and the outstanding shares. Among them, stake in the concentration and corporate performance is a negative correlation; the nature of the controlling shareholder, the proportion of independent directors, the company control of the outstanding shares and the proportion of company performance is a positive correlation. At last draw a number of conclusions on the inflation of corporate governance for the IPO performance.
Finally, based on the front empirical research, the paper came up with proposals of the improvement of corporate governance from such aspects as optimization of ownership structure, strengthen the board governance mechanisms, and strengthen supervision of the manager and incentive mechanisms, and other specific aspects in order to improve stock market and corporate governance mechanism of china.
首先,运用描述性统计分析,研究样本企业的六年期整体业绩表现,并通过时间序列分析比较上市前后的总体变化趋势,通过T检验进行检验分析。为了保证考察角度的全面性,本研究对代表样本企业业绩的偿债能力、营运能力、获利能力以及成长能力进行分析,发现在我国中小企业板IPO中小企业存在着一定程度的中期业绩下滑。
其次,本研究从公司治理的视角出发,对我国中小企业板IPO企业上市后三年业绩下滑进行分析和解释。根据我国股票市场的独特特征,挖掘造成我国中小企业板IPO中期业绩不佳的公司治理层面内在原因。通过建立多元线性回归模型和D-W检验,本研究提出股权集中度、控股股东性质、独立董事比例、总经理是否同时兼任董事长或副董事长、公司控制权以及流通股比例等六项影响样本企业上市后业绩的因素。其中,股权集中度与企业业绩负相关;控股股东性质、独立董事比例、公司控制权以及流通股比例与公司业绩正相关。根据实证研究,得出了公司治理对IPO中期业绩影响的若干结论。
最后,以前面的实证研究为基础,针对中小企业板上市公司普遍存在的公司治理方面的问题,从优化股权结构、强化董事会治理机制、强化经理层监督和激励机制等具体方面提出对应的改善建议,以完善我国股票市场和公司治理机制。
Integrated with the actual situation of the enterprises on the SME board and the theory study at home and abroad, this paper regarded 38 enterprises listed on small and medium-size enterprises board of Shenzhen as samples, conducted practical tests for the factors based on levels of corporate governance and performances of SME board.
Firstly, use descriptive statistical analysis to study samples of the six-year enterprise's overall performance and use time series analysis to inspect the general trend before and after listing. In order to ensure the comprehensive study, the paper analyzed the solvency of enterprises, operating capacity, profitability and growth capacity, which represent the performance of samples, proving that there is a certain degree of interim results decline in the SME board in China's market.
Secondly, the paper analyzed and interpreted the poor performance of China's SME board IPO market after the listing of three years, from the perspective of corporate governance. According to the unique characteristics of China's stock market, the paper starting from the corporate governance factors, mines the reasons for the poor performance of China's SME board IPO for the medium term. This paper used the methods of empirical studies, proposes six inspecting factors such as the nature of controlling shareholders, the proportion of independent directors, general manager acting as the chairman or vice chairman of the same time, the power controlling the company and the outstanding shares. Among them, stake in the concentration and corporate performance is a negative correlation; the nature of the controlling shareholder, the proportion of independent directors, the company control of the outstanding shares and the proportion of company performance is a positive correlation. At last draw a number of conclusions on the inflation of corporate governance for the IPO performance.
Finally, based on the front empirical research, the paper came up with proposals of the improvement of corporate governance from such aspects as optimization of ownership structure, strengthen the board governance mechanisms, and strengthen supervision of the manager and incentive mechanisms, and other specific aspects in order to improve stock market and corporate governance mechanism of china.
引文
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3. Michelle Lowry , Kevin J Murphy . Executive stock options and IPO under pricing[J].Journal of Financial Economics,2007(85):39-65
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5. Seung B Bach,Anne D Smith.Are powerful CEOs beneficial to post-IPO survival in high technology industries?:An empirical investigation[J].The Journal of High Technology Management Research,2007(9):344-356
6. Ljungqvist , Alexander . Pricing.initial public offerings : Further revidence from Germany[M].European Economic Review,1997(41):1309-1320
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10. Welch Wong.Earnings Management and the Long-run Market Performance of Initial Public Offerings[J].Journal of Finance,1998,53:1935-1974
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24. Scott.Essays on IPO-firm earnings management[J].Journal of Finance,2006,27:12-31
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[2]资料来源:Ritter,Jay R.The Long-run Performance of Initial Public Offerings.Journal of Finance,1991
[3]林毅夫.现代企业制度的内涵与国有企业改革方向[M].上海三联书店,2003:105-107
[4]吴敬琏.现代公司与企业改革.天津人民出版社[M],2004:88-89
1. Jain B A,Kini O.The Post-issue Operating Performance of IPO Firms[J].Journal of Fiance,1994(49):214-218
2. Schaeffer Josh.A link between IPO under pricing and long term performance[J].Working Paper,University of Chicago,2004(11):227-239
3. Michelle Lowry , Kevin J Murphy . Executive stock options and IPO under pricing[J].Journal of Financial Economics,2007(85):39-65
4. Yochanan Shachmurove . The reality of IPO performance: an empirical study of venture-backed public companies[J].Working Paper,2000(78):34-42
5. Seung B Bach,Anne D Smith.Are powerful CEOs beneficial to post-IPO survival in high technology industries?:An empirical investigation[J].The Journal of High Technology Management Research,2007(9):344-356
6. Ljungqvist , Alexander . Pricing.initial public offerings : Further revidence from Germany[M].European Economic Review,1997(41):1309-1320
7. Brounen,Dirk.Initial Public Offerings Evidence from the British,French and Swedish Property[J].Working Paper,2002 (9):331-343
8. Marc Goergen,Luc Renneboog.Insider Retention and Long-Run Performance in German and UK[J].Discussion Paper,2003,11:55-62
9. Chen Chien-Hsun,ShinHui-Tzu.Intial Pubil Offering and CorporateGovernance in China’s Transitional Economy[NB].Working Paper,2003,3:33-40
10. Welch Wong.Earnings Management and the Long-run Market Performance of Initial Public Offerings[J].Journal of Finance,1998,53:1935-1974
11. Mikkelson,Wayne,M Partch & Shah.Ownership and Operating Performance of Companics that Go Publie[J].Journal of Financial Economics,1997,44:299-307
12. Longhran,J.R.Ritter.The Operating Performance of Firms Conducting Seasoned Equity Offering[J].Journal of Finance,1997,52:1823-1850
13. Loughran,Ritter.The new issues puzzle[J].Journal of Finance,1995:23-51
14. Spiess,Affleck-Graves.Underperformance in long-run stock returns following seasoned equity offerings[J].Journal of Financial Economics,1995:243-267
15. Pierre.Use of the proceeds and long-term performance of French IPO firms[J].WorkingPaper,2000,78:72-77
16. Kang,Kim,Stulz.The underreaction hypothesis and the new issue puzzle:evidence from Japan[M].The review of financial studies,1999:519-534
17. Soucik,Allen.Long run underperformance of seasoned equity offrings:fact or an illusion?[J].Working Paper,2000,64:55-60
18. Aharony,J Lee,T J Wong.Financial Packaging of IPO firms in China.Journal of Accounting Research[J].Working Paper,2000,3:103-121
19. Gompers,Josh Lerner.The Really Long-run Performance of Initial Public Offerings:The Pre-Nasdaq Evidence[J].Journal of Finance,2003,58:1355-1392
20. Lyon,John D,Chih-Ling Tsai.Improved Methods for Tests of Abnormal Long-run Stock Re-turns[J].Journal of Finance,1999(54):165-201
21. Ritter,Jay R.The Long-run Performance of Initial Public Offerings[J].Journal of Finance,1991(42):365-394
22. Ritter,JayR.A Review of IPO Activity,Pricing,and Allocations[J].Journal of Finance, 2002,57:1795-1828
23. Kuntara Pukthuanthong,Richard Roll,Thomas Walker.An investigation of the impact of the pace of change in post-IPO corporate governance on firm performance[J]..Journal of Finance,2006,18:35-44
24. Scott.Essays on IPO-firm earnings management[J].Journal of Finance,2006,27:12-31
25. Jose PH Fan.Evidence from IPO underpricing and long-term performance[J].Journal of Finance,2007,11:133-141
26. P Gampers,L Ishi, A Metrick.Corporate Governance and Equity Prices[NB].Working Paper,2001:84-49
27. Klapper,L F.I Love Corporate Governance,Investor Protection and Performance in Emerging Markets[J].World Bank Paper,2002,25:163-174
28. La Porta,Rafael,Flowrencio.Law and Finance[J].Journal of Political Economy, 1998, 106:1112-1155
29. La Porta, Rafael,Flowrencio.Corporate Ownership Around The World[J].Journal of Finance,1999,54:471-517
30.尹中立.我国上市公司治理结构存在两大缺陷[N].上海证券报,2004-08-03
31.中国统计局.中国统计年鉴[M].北京:中国统计出版社,2003-2005
32.谢玲芳,朱晓明.中国民营企业上市前后绩效变动的实证研究[J].当代经济科学,2005(1):1-9
33.曾德明,姚璇.机构投资者、董事会与经营者股票期权激励问题研究[J].经济经纬,2006(2):107-111
34.王化成,荆新.财务管理学[M].北京:中国人民大学出版社,2006:85-128
35.刘谊,刘星,刘斌.股权结构对股票首次公开发行公司经营业绩变动的影响分析[J].财经理论与实践,2004(25):66-71
36.曾芒,叶红雨.我国A股IPO募集资金使用效率实证研究[J].兰州商学院学报,2005(4):11-14
37.苏金明.统计软件SPSS12.0 for Windows应用及开发指南[M].北京电子工业出版社,2004:305-306
38.桂荷发.赖德健.IPO与企业绩效:理论与经验分析[J].当代财经,2005(2):39-41
39.黄贵海,宋敏.H股公司上市前后绩效变化的实证研究[J].管理世界,2005,5:117-126
40.陈良华,孙健,张菡.香港创业板上市公司IPO前后业绩变化及其影响因素的实证研究[J].审计与经济研究,2005,4:84-88
41.黄品奇,蒋力.我国IPO公司财务绩效分析[J].统计与决策,2006,11:118-120
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