数字金融发展、公司IPO行为与资本市场效率  

Digital Financial Development,Company IPO Behavior and Capital Market Efficiency

作　　者：陈秋生[1] 王思博 何熙琼 李佳悦 Chen Qiusheng;Wang Sibo;He Xiqiong;Li Jiayue

机构地区：[1]西南财经大学高等财经教育研究中心 [2]西南财经大学金融学院

出　　处：《财经科学》2024年第9期30-42,共13页Finance & Economics

摘　　要：本文从公司股权融资视角出发,重点分析数字金融的发展水平对当地公司IPO上市行为的影响,从资本市场为资金需求者提供金融资源能力的视角探究资本市场效率。研究发现,数字金融能够显著增加当地提交IPO申请的公司数量,提高公司上市申请的动力,且这种影响主要存在于传统金融发展较落后的地区和法律环境良好的地区;数字金融发展水平越高,公司IPO过会率也会显著提高。在此基础上探究其作用机制,数字金融的发展能够降低企业的债务融资成本,提高企业的创新投入,进而提高公司IPO过会率。拓展性分析发现,数字金融发展还能显著降低公司IPO抑价程度,提高上市后的股价长期收益,降低公司上市后股票回报的波动率。本文研究结论可为充分发挥数字金融的“普惠”特性、促进数字金融发展和资本市场体系建设融合提供借鉴。Starting from the perspective of corporate equity financing,this study focuses on analyzing the impact of the development level of digital finance on the IPO listing behavior of local companies and explores the efficiency of the capital market from the per-spective of the capital market's ability to provide financial resources to those in need of funds.The research reveals that digital fi-nance significantly increases the number of local companies submitting IPO applications,enhancing the impetus for companies to ap-ply for listing.This impact is particularly pronounced in regions where traditional financial development is relatively lagging and le-gal environments are favorable.Furthermore,a higher level of digital finance development is associated with a significant increase in the IPO approval rate.The study delves into the mechanism behind this,suggesting that the development of digital finance can re-duce the cost of corporate debt financing,boost innovation investment,and subsequently increase the IPO approval rate.Expanding the analysis,it is found that the development of digital finance significantly reduces the extent of IPO underpricing,increases long-term stock returns post-listing,and decreases the volatility of stock returns after the IPO.This study's findings provide insights into fully leveraging the inclusive nature of digital finance and promoting the integration of digital finance development with capital mar-ketsystem construction.

关 键 词：数字金融发展 公司IPO 过会率 上市动力 资本市场效率 

分 类 号：F832.5[经济管理—金融学]