부산대학교 도서관

This thesis mainly focus on the empirical analysis of changes in employment and operational performance indices, as well as associated regression test of the former to the latter within 3 years of 486 IPO companies which are listed in growth enterprise market of China. The reason why China growth enterprise market was chosen is that the literatures on IPO effects on operational performance of the market are quite rare at the moment even though it was built in 2009. In addition, the prior studies on employment are also sparse to date. Therefore, the research of this topic may contribute to fill it up such academic blank to some extent.This thesis is composed of 5 chapters as follows: in Chapter 1, the background and purpose of present studies is illustrated; in Chapter 2, prior investigations of IPO effects on employment and operational performance in domestic and overseas markets were summarized; in Chapter 3 the assumptions and model of the research was setup; in Chapter 4, validation studies was made, including the investigation of accuracy on present assumptions; and the conclusion Chapter, in which the main points and shortages of present studies were analyzed. Finally, series of policy recommendations were proposed based on the characteristics of national conditions and growth enterprise market in China.The survey data for present studies was referred from Shenzhen Stock Exchange, in which employment and operational performance data in 487 companies within 8 years from 2007 to 2015 in growth enterprise market was organized. Based on China Industry Classification Standard (CISI), 13 industry classifications were covered.The conclusions of present studies are listed below:Firstly, in order to investigate the average difference of IPO effects on operational performance before and after enterprises going public in growth enterprise market, for which the evaluation criteria ROA and ROE of operational performance were analyzed. Based on analysis of t tests of entire enterprise and industry classifications respectively, operational performance decreased after enterprises going public in growth enterprise market. This proves that previous assumption 1 was correct.Secondly, in order to investigate the change of growth rate of employment before and after enterprises going public, t tests were performed in entire enterprise and industry classifications. Results show that the growth rate of employment decreased after enterprises going public. Therefore, previous assumption 2 was also validated to be correct.Finally, in order to validate assumption 3 that growth rate has positive effect on operational performance after enterprises going public, return on book assets (ROA), one of evaluation criteria of operational performance was analyzed. Based on obtained results, growth rate was observed to have positive effect on ROA after enterprises going public. However, it turns out to have no effect on return on book equity (ROE) that is another evaluation criteria of operational performance after enterprises going public.Due to less enough open data of Shenzhen Stock Exchange can be collected, acceptable deviations on obtained results might exist in the present studies. The present investigation of IPO effects on employment and operational performance can be referred when enterprises are considering whether to go public or not.