中文摘要：

Jain和Kini在1994年首次提出上市公司IPO后普遍存在着经营业绩下降的现象，引发了学术界对这一问题的广泛关注和研究。这一现象也被称学者们之为“IPO效应”。IPO效应已经被国内外学者证实广泛存在于各国证券市场之中，是当前研究的热点问题。我国的中小企业板作为创业板的过渡，已有了几年的运行经验，研究各种因素对中小板公司绩效的影响对发展完善创业板无疑会有较大的借鉴意义。本文通过对样本公司的详细考察，根据对深圳中小板IPO公司特点的分析，认为有无风险投资背景是影响研究结论的因素。因此，拟对不同类型的上市公司IPO进行分组研究，比较它们在绩效上存在的差异。拟采用统计描述、显著性检验和回归分析的实证研究方法。在进行显著性检验时，本文分别采用了参数T检验来考察上市前后的业绩差异。除了对上市公司IPO前后的差异进行比较之外，本文还设计了横截面回归模型来解释是什么因素影响了上市前后的业绩变化。

英文摘要：

In 1994, Jain and Kini proposed the phenomena that listed companies decrease in operating performance after the IPO at first time. This issue caused the sparked widespread attention and research in Academic field. This phenomenon has also been stated as the＂IPO effects＂. ＂The IPO effects＂ has been proved exist in Stock Markets worldwide. Research points out that the reason of ＂ The IPO effects＂ is information asymmetry and the manipulate behavior of companies. Chinese SME Board, as the transition of the GEM Board, has been operated a few years.Study on the performance of the SME Board companies caused by venture capital factor and others would have a better reference to develop the GEM Board. This article analyses sample companies and according to characteristics of IPO companies on the SME Board, then regards that the context of the venture capital is the important factor of the conclusion in the study. Therefore, this article proposes to research on different types of firms and to compare the differences between their performances. The issue to be adopted the empirical research methods of the statistical description, the significance test and the regression analysis. When conducting significance test, this paper uses T Variance to test the difference of the company performance before and after the IPO. Beside the comparison the differences of listed companies before and after the IPO, this paper also devises a Cross-sectional regression model to explain what factors affect the performance change of companies before and after listing.