供应链关系型交易影响IPO业绩表现吗?  

Do Supply Chain Relationship-based Deals Affect IPO Performance?

作　　者：张楠 王生年[1,2] Zhang Nan;Wang Shengnian(School of Economics and Management,Shihezi University,Shihezi 832003,Xinjiang,China;Research Center for Corporate Governance and Management Innovation,Shihezi University,Shihezi 832003,Xinjiang,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832003 [2]石河子大学公司治理与管理创新研究中心,新疆石河子832003

出　　处：《金融发展研究》2025年第1期58-69,共12页Journal Of Financial Development Research

基　　金：国家自然科学基金项目“企业数字化转型与审计师风险决策:影响、机制与后果”(72262028);国家社会科学基金重大项目“构筑国有和民营企业高质量协同发展新格局新机制研究”(24&ZD083)。

摘　　要：本文基于供应链关系型交易可能隐藏的虚构交易视角,以2010—2022年A股IPO企业为研究样本,探究供应链关系型交易对IPO业绩表现的影响。研究结果表明:供应链关系型交易降低了IPO业绩表现,在关联供应商及客户的关系型交易中两者间的负向影响更强;机制检验发现,供应链关系型交易通过提高企业经营风险、减少商业信用融资以及加剧信息不对称进而降低了IPO业绩表现;进一步研究发现,在风险资本参与、券商持股、承销商声誉较低、审计师投入较低、证监会专项检查通知发布后以及未收到IPO审核问询的样本中,两者间的影响更为显著。本文将供应链关系型交易的经济后果研究拓展至一级资本市场,为监管部门完善注册制改革配套制度、健全信息披露体系提供经验证据。Based on the perspective of fictitious transactions that may be hidden in supply chain relational transactions,this paper explores the impact of supply chain relational transactions on IPO performance using A-share IPO firms from 2010 to 2022 as a research sample.The results of the study show that supply chain relational transactions reduce IPO performance,and the negative effect between the two is stronger in relational transactions with associated suppliers and customers;mechanism tests find that supply chain relational trading reduces IPO performance by increasing firms'business risk,reducing commercial credit financing,and exacerbating information asymmetry;further research finds that the effect between the two is more significant in the samples with venture capital participation,brokerage firm ownership,lower underwriter reputation,lower auditor input,after the issuance of the SEC's special inspection notices,and without receiving IPO audit inquiries.This paper extends the study of the economic consequences of supply chain relational trading to the primary capital market to provide empirical evidence for the regulators to improve the supporting system of the registration system reform and the information disclosure system.

关 键 词：供应链关系 IPO业绩表现 注册制改革 IPO审核问询 

分 类 号：F830[经济管理—金融学]