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An empirical study on the initial public offering effect of Chinese small and medium-sized enterprise board

机译：中国中小企业板首次公开发行效应的实证研究

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This paper studies the initial public offering (IPO) effect of the listed companies on Chinese small and medium-sized enterprise (SME) board. We select the 54 companies listed in 2009 as the sample and analyze the financial indicators of the sample companies from 2007 to 2011. The empirical results show that the IPO effect exists on Chinese SME board. Further, this paper analyzes four factors that may affect the company performance before and after the IPO. It is found that the companies in the central and western regions have a better performance than those in the eastern region after the IPO, the amount of funds raised and the shareholding percentage of the largest shareholder have positive impacts on the company operating results before and after the IPO, the performances of the state-owned holding companies are better than the private companies. The paper also establishes a regression model to explain the generation of the IPO effect from the company level, the regression results indicate that the generation of the IPO effect is not entirely due to the company-level factors.
机译：本文研究了上市公司对中国中小企业董事会的首次公开发行（IPO）的影响。我们选择2009年上市的54家公司作为样本，并分析了样本公司2007年至2011年的财务指标。实证结果表明，IPO对中国中小板存在影响。此外，本文分析了可能影响IPO前后公司业绩的四个因素。发现上市后中西部地区的公司业绩好于东部地区，募集资金额和最大股东持股比例对公司前后的经营业绩产生积极影响首次公开募股中，国有控股公司的业绩要好于私营公司。本文还建立了一个回归模型来从公司层面解释IPO效应的产生，回归结果表明IPO效应的产生并不完全是由于公司层面的因素造成的。

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