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研究生:甯少林
研究生(外文):Shao-Lin Ning
論文名稱:上市的決定因素與影響:中國民營企業的實證
論文名稱(外文):The Determinants and Consequences of Going-public: Evidence from Chinese Private Companies
指導教授:李建強李建強引用關係
指導教授(外文):Chien-Chiang Lee
學位類別:博士
校院名稱:國立中山大學
系所名稱:財務管理學系研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:英文
論文頁數:78
中文關鍵詞:決定因素上市績效尋租中國首次公開發行民營公司
外文關鍵詞:ChinaIPOprivate companyrent-seekingperformancedeterminantgoing-public
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本論文研究在中國改革開放的進程中,民營企業上市的決定因素與上市後的影響。根據對上市成本和收益的權衡理論、投資融資解釋和尋租理論,本論文提出了五個假說。研究的完整樣本包括了經過規模、產業等因素匹配後的584家直接公開發行上市的民營公司和584家非上市民營公司,樣本期從2006年到2014年。
使用首次公開發行的民營公司和類似的符合上市要求的非上市公司資料,用probit模型估計結果,本論文發現超額管理費用、公司規模、資產負債率、產業的市值帳面值比率和公司年齡是影響中國民營公司上市的重要因素。使用IPO年數作為虛擬變數,本論文發現首次公開發行雖然對之後的資產負債率和總資產有正的影響,但對之後的公司績效有負的影響。
本論文研究結果表明中國民營企業的尋租活動對公司上市和之後的業績有重要影響。我們發現尋租活動對公司上市概率有正的影響。首次公開發行上市對民營公司的淨資產收益率和利息稅前淨資產收益率都有負的影響,但尋租行為將改變這種影響為正。不過,長期來看,尋租行為對上市公司績效的正影響是下降的趨勢。
This dissertation examines the determinants and consequences of going-public of Chinese private companies in the process of China''s reform and opening up. According to trade-off theory of costs and benefits of going-public, investment financing explanation and rent-seeking theory, five hypotheses are put forward. Our full sample includes 584 IPO private companies and 584 non-listed private companies from 2006 to 2014.
This dissertation estimates a probit model by comparing IPO firms with similar private companies that meet the listing requirements in China, and find that the main factors affecting the probability of an IPO include excess administrative expenses, company size, financial leverage, market-to-book ratio of industry, and company age. We also find the IPOs have a negative impact on performance, although having a positive impact on the asset liability ratios and total assets after the IPOs by dummy variables for the year of the IPO
Our results indicate that the rent-seeking activity of Chinese private companies plays an important role in the decision to going-public and the impact of the IPO. We find the rent-seeking activities have positive impact on the probability of the listing and the performance after the IPO. In addition, we elucidate the effects of the rent-seeking activities on the long-term performance downward trend.
論文審定書 ⅰ
誌謝 ⅱ
摘要 ⅲ
ABSTRACT ⅳ
Chapter 1 Introduction 1
1.1. Background 1
1.2. Overview of China’s capital markets 3
1.3. The purpose and structure of this dissertation 4
Chapter 2 Literature review 5
2.1. Is going-public a choice 5
2.2. Motivation for going-public 7
2.3. Factors about the decision to go public 9
2.4. Consequences of going-public 11
2.5. Public listing activity in China 13
2.6. Discuss of existing literature 17
Chapter 3 Hypothesis, methodology and data 20
3.1. Hypothesis 20
3.2. Methodology 23
3.3. Data 31
Chapter 4 Analysis of the determinants of going-public 34
4.1. The rent-seeking activities of Chinese private companies 35
4.2. The determinants of going-public 36
Chapter 5 Analysis of the consequences of going-public 45
5.1. The uses of the capital from the IPO 45
5.2. The impact of listing on the rent-seeking activities 47
5.3. The impact of the IPO on some financial variables 48
5.4. The impact of the IPO on the performance 50
Chapter 6 Conclusion and Policy Implications 62
6.1. Conclusion 62
6.2. Policy Implications 63
6.3. Future research 64
References 65
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