教育类企业上市后为何业绩不会变脸？——基于新三板的微观数据

孟庆蛟; 孙曰瑶

教育类企业上市后为何业绩不会变脸？——基于新三板的微观数据

引用本文：孟庆蛟，孙曰瑶.教育类企业上市后为何业绩不会变脸？——基于新三板的微观数据[J].财经理论与实践,2019,(6):63-71

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作者	单位
孟庆蛟，孙曰瑶	（山东大学经济学院，山东济南 250100）

中文摘要:教育类企业具有轻资产性、服务滞后性、产品同质性三项特质，这些特质一方面导致了企业缺乏上市募集资金的动机，另一方面又促使企业上市以解决同消费者信息不对称的难题，降低消费者选择成本，提升企业财务绩效。研究发现：上市行为本身具有的品牌效应产生的正面作用，可以抵减盈余管理带来的负面作用，使得教育类企业新三板上市后业绩不再变脸。而将这一品牌效应剥离后发现，企业依然会出现业绩变脸，从而发展了基于盈余管理的IPO效应理论。进一步将教育类企业分成强弱特质两类，发现强特质教育类企业的上市行为可以更有效地促进财务绩效的提升，从而为延伸到其他具有教育类企业特质的行业提供了可能性。

中文关键词:教育类企业新三板业绩变脸品牌效应

Why Do the Performance of Education Enterprises Not Change After IPO？——Based on Micro-data in New OTC Market

Abstract:Educational enterprises are characterized by light assets, lagging hysteresis and homogeneity, which lead to the lack of motivation on raising capital for going public while impel the enterprises to address informational asymmetries, lower costumers' alterative costs and raise their financial performance. According to the research, going public will bring a positive impact on brand effect, eliminate negative one from cutting earnings management, and prevent the new OTC market from changing. By removing the brand effect, however, performance would still go down, based on which the IPO Effect Theory, on account of earnings management, is generated. By classifying the educational enterprises into strong and weak specialty, it is found that going public is likely to improve the financial performance in those with strong specialty. That may provide a possibility of theoretical extending to other companies with a similar specialty.

keywords:educational enterprise New OTC Market performance change brand effect

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