A Comparative Analysis of Financing Performances of Listed Companies on GEM and the Influence Factors before and after IPO

• DOI: 10.14257/ijunesst.2017.10.5.01
• Publication Date: 2017-08-14T07:39:15Z
• Authors: Xiangdong Chen; Fei Wang; Wei Wang
• Keywords: 0502 economics and business; 05 social sciences

Since the launch of Growth Enterprise Market (GEM) in China, its role capital market has become increasingly important.In recent years, many scholars have researched on changing conditions business performance before and after listing Initial Public Offerings (IPO) companies.But most studies so far used directly selected traditional performances innovative evaluation indexes to conduct a comparative analysis between innovations IPO.Different from previous studies, this paper cites latest data Chinese GEM at end 2014 selection finds out influential ones financing capacity based correlation analysis; next, it further screens with regression tests; last, analyzes screened significant influence IPO.Thus continuous changes real IPO can be revealed more objectively.Research findings suggest that enterprises' technological innovation input numbers annual patent applications increase continuously during studied period research development (R&D) intensity rises stably as well, indicating they develop continuously, enterprises paid increasing attention enhancement protection intellectual property.But each indicator had obviously increased decreased IPO.This verifies companies tried "sugarcoat" their financial reports which overrated performance.The were listed better order achieve higher issued premium price.After listing, may result decrease benefits.