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我国创业板上市公司具有全流通、小股本、小规模和整体估值偏高、风险较大以及经营业绩分化明显,上市后盈利能力下降的特点。一方面是我们国家的GDP每年会有10%左右增长,另一方面盈利能力在上市后出现了下滑。本文以2014年1月在创业板上市的24家公司为例解释这一现象,并分析IPO之后盈利能力下降的原因并进行理论解释。
China’s GEM listed companies with full circulation, small-cap, small-scale and overall high valuation, greater risk and significant differentiation of business performance, decreased profitability after listing features. On the one hand, the GDP of our country will increase by about 10% every year. On the other hand, the profitability of the country will decline after its listing. This article takes the 24 companies listed on the GEM in January 2014 as an example to explain this phenomenon and analyze the reasons for the decline in profitability after the IPO and make theoretical explanations.