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研究生(外文):Shao-Lin Ning
論文名稱(外文):The Determinants and Consequences of Going-public: Evidence from Chinese Private Companies
指導教授(外文):Chien-Chiang Lee
外文關鍵詞:ChinaIPOprivate companyrent-seekingperformancedeterminantgoing-public
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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
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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