20世纪90年代以来,学者们围绕首次公开发行股票(Initial Public O fferings,简称IPO)后企业业绩变化展开研究。从理论上说企业进行IPO后资本结构改善,资信等级提高,资金募集变得更加容易,企业业绩应该呈现逐渐上升的趋势。然而实证研究表明,企业上市后经营业绩显著下滑,这被称为“IPO业绩效应”。针对这一问题中西方都做了大量的实证研究,分析业绩下滑的主要原因,本文 Since the 1990s, scholars have studied the changes in business performance after the initial public offering of Initial Public Oferments (IPO). In theory, after the IPO structure, the capital structure of an enterprise is improved, the credit rating is increased and the fund-raising is easier. The performance of an enterprise should show a gradual upward trend. However, empirical studies show that after the listing of enterprises operating performance dropped significantly, which is called “IPO performance ”. In response to this problem both China and the West have done a lot of empirical research to analyze the main reason for the decline in performance, this article