IPO竞争作用研究  

Empirical Study on Competitive Effects of IPO

作　　者：王宜峰[1] 张颜江[2] 王燕鸣[3] 

机构地区：[1]广西师范大学经济管理学院 [2]广东省科技干部学院 [3]中山大学岭南学院金融系

出　　处：《投资研究》2015年第4期143-159,共17页Review of Investment Studies

基　　金：广西高校科研项目"投资者情绪;公司投资效率与虚拟经济波动"(YB2014053);广西人文社会科学发展研究中心青年项目"中国资本市场投资者情绪非对称作用研究"(QNYB13014);广西师范大学博士科研启动基金"中国股市投资效应研究"的资助

摘　　要：本文分析IPO对本公司和同行业在位公司的竞争作用。研究发现:IPO对本公司具有竞争促进作用,IPO前后业绩增长率与财务质量、盈利能力、融资约束、经营规模正相关,其中财务质量制约着上述关系;IPO对在位公司具有竞争抑制作用,在位公司业绩增长率与IPO公司财务质量、盈利能力、融资约束、经营规模负相关;IPO竞争作用具有行业差异,竞争激烈、成长性差、盈利能力低的行业中,IPO对本公司的促进作用较弱,对在位公司的抑制作用更强。Using a sample of Chinese IPO after 2000, this paper explores the competitive effect of company IPO on itself and incumbent competitors, and analyzes the influence factors and industrial difference of competitive effect. Results show that company IPO promotes its competitive capability. The IPO company＇s performance growth around IPO positively correlate with financial quality, profitability, financial constraint or operation scale of IPO company. The IPO company＇s financial quali- ty restricts the above relationship. In addition, the performance of incumbent company will deteriorate after IPO. The incum- bent company＇s performance growth around IPO negatively correlate with financial quality, profitability, financial constraint or operation scale of IPO company. The incumbent company＇ s financial quality restricts the above relationship. In industry with intense competition, poor growth, or low profitability, the IPO competitive promotion for itself is weaker, but the IPO competitive deterioration for incumbent company is stronger.

关 键 词：首次公开发行 在位公司 竞争作用 

分 类 号：F832.51[经济管理—金融学]