东北大学学报（自然科学版）

东北大学学报(自然科学版) ›› 2010, Vol. 31 ›› Issue (2): 297-300.DOI: -

• 论著 • 上一篇    下一篇

辽宁省A股上市公司IPO后长期业绩的实证研究

高莹;李忻怡;陈婷婷;金秀;   

  1. 东北大学工商管理学院;
  • 收稿日期:2013-06-20 修回日期:2013-06-20 出版日期:2010-02-15 发布日期:2013-06-20
  • 通讯作者: -
  • 作者简介:-
  • 基金资助:
    国家自然科学基金资助项目(70771023);;

Empirical study on long-term performance of A-share listed companies after their IPOs in Liaoning Province

Gao, Ying (1); Li, Xin-Yi (1); Chen, Ting-Ting (1); Jin, Xiu (1)   

  1. (1) School of Business Administration, Northeastern University, Shenyang 110004, China
  • Received:2013-06-20 Revised:2013-06-20 Online:2010-02-15 Published:2013-06-20
  • Contact: Gao, Y.
  • About author:-
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摘要： 研究了辽宁省1996年1月至2002年7月上市的40只A股IPO后3年的业绩表现,分析了影响其业绩表现的主要因素.运用Fama-French三因素模型实证计算IPO后3年的长期超额收益,并考察其长期业绩情况.运用多独立样本Kruskal-Wallis检验、两独立样本曼-惠特尼U检验和多元变量回归分析方法找出影响长期业绩表现的主要因素,得出以下结论:辽宁省A股上市公司IPO后长期业绩表现弱势,业绩表现与上市时间、发行量和发行价格呈负相关.

关键词: 首次公开发行, 业绩, Fama-French三因素模型法, Kruskal-Wallis检验, 曼-惠特尼U检验

Abstract: The post-issue operating performance over 3 years after their IPOs of 40 companies in Liaoning Province, which were listed as the A-share firms on stock market from January 1996 to July 2002, is discussed, and the main influencing factors on their business performance are analyzed. Using the Fama-French tri-factor model, the long-term excess profits of those companies over 3 years after their IPOs are calculated to examine their long-term performance. Furthermore, the multi-idividual-sampled Kruskal-Wallis verification, dual-individual-sampled Mann-Whitney U verification and multi-variable regression analysis are used to find out the main influencing factors on the long-term performance. A conclusion is drawn that the long-term performance of the 40 A-share listed companies went to weak on stock market on the whole, and that their performance is in negative correlation with issuing time, volume and price.

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