IPOs, growth, and the impact of relaxing listing requirements
IPOs, growth, and the impact of relaxing listing requirements
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首次公开募股、增长以及放宽上市要求的影响
DOI：
10.1016/j.jbankfin.2015.04.029
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发表时间：
2015
影响因子：
3.7
通讯作者：
Kazuo
中科院分区：
文献类型：
--
作者：
Takahashi;Hidenori and Yamada;Kazuo
我们调查了放宽上市要求对首次公开募股 (IPO) 企业增长的影响。日本在 20 世纪 90 年代末经历了几次放松对上市要求的管制。我们使用的数据集涵盖了上市公司和私营公司 30 多年的历史，这使我们能够比较公司在 IPO 前后的运营增长，以及比较严格和宽松的上市要求下的增长。在比较匹配企业时，我们发现IPO企业在IPO后盈利能力和生产率的超额增长有所减弱，而其规模（以销售额和员工数量衡量）的超额增长在IPO后仍然有所增加。这一发现表明，放宽上市要求使高增长企业能够上市，但并不会导致生产率和盈利能力的后续增长，尽管它确实使企业在上市后规模更大。
We investigate the impact of relaxing listing requirements on firms’ growth around initial public offerings (IPOs). Japan experienced several deregulations of listing requirements in the late 1990s. We use a dataset that covers both public and private firms for more than 30 years, which enables us to compare the firms’ operating growth around IPOs as well as to compare the growth under both strict and relaxed listing requirements. When comparing the matched firms, we find that IPO firms’ excess growth in profitability and productivity diminished after their IPOs, while their excess growth in terms of size (measured by sales and number of employees) still increased in the post-IPO period. This finding indicates that relaxing listing requirements enables high-growth firms to go public but does not lead to subsequent growth in productivity and profitability, although it does enable firms to be larger more after going public.