CAJ | 학술논문

公司上市是公司成长阶段最重要的战略决策之一。理论研究表明为公司成长性募集资金是公司上市决策的主要动因。本文对创业板首批上市的宝德股份成长性进行考察,结果表明虽然宝德股份满足创业板对拟上市公司成长性指标的要求,但宝德股份上市之后无论是经营业绩还是股票市场都没有表现出高成长性,由此可见宝德股份很可能并不是为了满足成长性资金需求而选择上市。本文结果表明虽然监管机构试图使股票市场为高成长性公司提供资金促进公司高速成长,然而,股票市场财富效应等原因可能比公司成长性需求更能影响公司的上市决策。
공사상시시공사성장계단최중요적전략결책지일。이론연구표명위공사성장성모집자금시공사상시결책적주요동인。본문대창업판수비상시적보덕고빈성장성진행고찰,결과표명수연보덕고빈만족창업판대의상시공사성장성지표적요구,단보덕고빈상시지후무론시경영업적환시고표시장도몰유표현출고성장성,유차가견보덕고빈흔가능병불시위료만족성장성자금수구이선택상시。본문결과표명수연감관궤구시도사고표시장위고성장성공사제공자금촉진공사고속성장,연이,고표시장재부효응등원인가능비공사성장성수구경능영향공사적상시결책。
Going public is one of the most important strategic decisions in the different stages of the company＇s life cycle.Theoretical studies suggest that the main purpose of going public is to finance for growth.This paper examines the relationship between the decision of going public and the growth of Bode Energy Equipment Company.The results show that the company＇s accounting performance and stock returns cannot match its high growth prospective after it went public.The regulators try to help the listed companies financing for growth in the stock markets,however,the stock market＇s wealth effects may have more impacts on the companies＇ decisions of going public.