Analiza efektów pierwotnej emisji akcji na Giełdzie Papierów Wartościowych SA w Warszawie

• Autorzy: Katarzyna Dudko-Kopczewska

Warianty tytułu

An Analysis of the Effects of Initial Public Offerings on Warsaw Stock Exchange

• Języki publikacji: PL

Abstrakty

Celem artykułu jest weryfikacja postawionych hipotez na temat efektów wejścia spółki do obrotu publicznego (pierwotnych emisji akcji - Initial Public Offering, IPO). Narzędziem analizy były modele panelowe. Badanie przeprowadzono na podstawie danych spółek, które w latach 1992-2001 weszły na warszawską Giełdę Papierów Wartościowych i objęło okres od pięciu lat przed IPO do trzech lat po wejściu na giełdę. Wyniki badań potwierdziły hipotezy, że spółki wchodzą na giełdę z pobudek oportunistycznych i przy okazji realizują plany inwestycyjne.

EN

The initial public offering (IPO) of a company's shares leads to changes of the ownership structure of a company, from a private into a public one. It is usually assumed that the most common reason for 'going public' is the need to obtain funds for new investments. Yet, there are numerous other theories concerning the reasons behind IPO: selling of the company by its original owners; decentralization of control; obtaining funds to restore financial balance; increasing the value of a company as a part of its marketing strategy and many others. In the case of Poland and other countries undergoing systemic transformation, public share offering was often used as a method for the privatisation of state-owned companies. The article analyses the impact of public share offerings in Poland on companies' financial results during the first three years after the IPO. Panel data was used for individual companies, for the period 1992-2001. 173 companies are included in the database during the period of nine years, which has yielded in 1 557 observations. Financial sector companies or companies floating their shares as a consequence of a privatisation process are excluded from the analysis. Chronological order of data is based on the IPO date. The book value of companies was considered, including: assets, liabilities, fixed assets, shareholders' equity, net profit, proceeds of sale, etc. The analysed changes in the book value of the companies depended on the times of data gathering relative to the IPO of a particular company and on the calendar year. Such a selection of variables enables elimination of the effect of cyclic fluctuations which were quite significant in the first years of the economic transformation in Poland. The research was based on the PSCE method for panel data estimation. The book value considered in absolute terms and the book value as a share in assets served as company-specific variables. Binary variables indicating the moment vis-a-vis the

Słowa kluczowe

PL

Akcje; Emisja papierów wartościowych; Giełda papierów wartościowych; Analiza statystyczna; Modele ekonometryczne; Modele panelowe

EN

Shares; Securities emission; Stock market; Statistical analysis; Econometric models; Panel model

• Czasopismo: Bank i Kredyt
• Rocznik: 2004
• Numer: nr 2
• Strony: 71--84

Twórcy

autor

Katarzyna Dudko-Kopczewska

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