中小板上市公司IPO:并购扩张还是内部成长?  

IPOs in SME Board:M&A or Internal Growth

作　　者：陈玉罡[1] 窦倩[1] 柳杭[1] 

机构地区：[1]中山大学管理学院,广东广州510275

出　　处：《证券市场导报》2012年第4期55-63,共9页Securities Market Herald

基　　金：国家自然科学基金(71002055;70972074;71102133);教育部人文社会科学研究项目基金(09YJA630155;09YJC630089);广东省哲学社会科学规划项目(090-04);广东高校优秀青年创新人才培育项目(wym09013)

摘　　要：本文从中小板上市公司IPO后并购及资本支出这一视角,来研究公司的IPO动因。研究证实了IPO募集资金量与资本支出的正相关关系,且公司内部投资是中小板上市公司的主要发展途径。在并购强度高的行业内,并购则成为上市公司IPO后可能选择的另一种扩张方式。此外,IPO后的股票增发及债务融资也为公司发展提供后续资本支持,可看作是公司IPO的间接动因。This paper studies the motivation of IPO for listed companies in SME board from the perspective of MA and capital expenditure after IPO.The results show that capital expenditure is positively correlated to the amount of fund from IPO,and internal capital expenditure is the main way to develop for listed companies in SME board.In the industry with high intensive activities of MA,MA would be another way to develop for these companies.In addition,SEO and debt finance are also supporting the development for listed companies and can be regard as indirect motivation for IPO.

关 键 词：中小企业板IPO 并购 资本支出 

分 类 号：F830.9[经济管理—金融学]