我国A股IPO募集资金使用效率实证研究被引量：6

The Empirical Analysis of the Operating Efficiency of IPOs Funds in China

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摘要 IPO是国际证券市场研究的热点之一,我国不少学者的研究主要集中在IPO抑价及定价上,对IPO募集资金使用效率的研究不多.本文考察了我国A股市场2000～2001年间所有IPO公司募集资金后业绩的中长期变化及影响因素,实证结果表明:总体上IPO资金使用效率非常低,没有带来经营业绩的提高,并且大多数指标间没有显著的相关关系. Initial public offerings have become one of the subjects of more attentions for international securities market analysis. And internal researchers often focus on the underpricing of IPOs, but few analyzes the operating efficiency of IPOs funds. This paper investigates the long-run performance of and the potential explanatory variables of IPOs in the Chinese security market during the 2000 - 2001 period, and finds that IPOs firms have poor in the long-run period and IPOs don＇t bring enhance to the firm performance, which there is no significant correlation among most variables.

作者曾芒叶红雨

机构地区中南财经政法大学上海理工大学

出处《兰州商学院学报》 2005年第4期11-14,共4页 Journal of Lanzhou Commercial College

关键词 IPO 资金使用效率绩效 initial public offering the fund operating efficiency performance

分类号 F830 [经济管理—金融学]

作者简介曾芒（1970-），男，江西吉安人，博士研究生，从事金融与证券市场研究；叶红雨（1970-），女，江西宜春人，讲师，博士与，从事金融证券市场研究。

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参考文献19

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