CAJ | 학술논문

以在我国沪深两市上市的公司为研究对象，从特批上市前后的成长性变化及上市后募集资金的使用效率两方面来探讨特批上市的实际运行效果。实证结果表明：特批上市公司IPO时业绩表现明显差于按IPO程序正常上市的普通公司，但上市后成长性提增高于普通上市公司；在控制了募集资金规模、成长性等因素后，特批上市对资金使用效率有着负的消极影响。从成长性来看特批上市政策对于公司的选择具有一定的合理性，但特批上市公司对于资金的使用效率相对低下，造成了证券市场资源的浪费，资金的募集规模值得商榷。
이재아국호심량시상시적공사위연구대상，종특비상시전후적성장성변화급상시후모집자금적사용효솔량방면래탐토특비상시적실제운행효과。실증결과표명：특비상시공사IPO시업적표현명현차우안IPO정서정상상시적보통공사，단상시후성장성제증고우보통상시공사；재공제료모집자금규모、성장성등인소후，특비상시대자금사용효솔유착부적소겁영향。종성장성래간특비상시정책대우공사적선택구유일정적합이성，단특비상시공사대우자금적사용효솔상대저하，조성료증권시장자원적낭비，자금적모집규모치득상각。
This paper discusses the running results of the notarized public offering from the perspec‐tives of grow th changes before and after listing and the fund utilization efficiency after listing in view of the listed companies of Shanghai and Shenzhen Stock Markets .The empirical results show that the performance of the notarized public offering company during IPO is worse than that of the ordinary companies ,but its growth improvement after IPO is higher than that of the ordinary companies .The notarized public offering has a negative impact on the fund utilization efficiency w hen the factors of capital scale and growth are controlled .The choice of notarized public offering to the companies has certain rationality from the viewpoint of growth ,but the fund utilization efficiency of the notarized public offering companies is relatively low ,which causes the waste of the stock market resources to some degree ,and the scale of capital raising is questionable .