The pricing and performance of IPOs in China’s poor counties
The pricing and performance of IPOs in China’s poor counties
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中国贫困县IPO定价与绩效
DOI：
10.1016/j.cjar.2021.100205
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发表时间：
2021-11
影响因子：
3.6
通讯作者：
Jiaxin Wang
中科院分区：
文献类型：
--
作者：
Chao Yan;Jiaxin Wang
在中国推动减贫的背景下，我们重点研究了位于中国贫困县的首次公开募股（IPO）公司，并调查了它们的IPO定价和IPO后的表现。与美国的研究结果相反，我们发现位于农村地区的中国公司与其投资者之间的信息不对称问题非常严重，以至于这些IPO公司与明显更高的低定价相关。这种影响对于位于交通系统差的农村地区的公司更为明显。我们没有发现农村企业和城市企业在ipo后的市场表现存在显著差异，但农村企业的经营绩效在短期内有所改善。我们的进一步分析表明，农村IPO公司的投资者关注度显著低于城市IPO公司，代理成本显著高于城市IPO公司。总体而言，我们丰富了IPO定价和地理位置经济效应的文献。
In the context of China’s drive to alleviate poverty, we focus on the initial public offering (IPO) firms located in China’s poor counties and investigate their IPO pricing and post-IPO performance. Contrary to the findings reported for the U.S., we find that the problem of information asymmetry between Chinese firms located in rural areas and their investors is so severe that these IPO firms are associated with significantly higher underpricing. This effect is more pronounced for firms located in rural areas with poor traffic systems. We do not find significant market performance differences between rural and urban firms after their IPOs, but the operating performance of rural firms improves in the short term. Our additional analyses indicate that rural IPO firms have significantly lower investor attention and higher agency costs than urban firms. Overall, we enrich the literature on IPO pricing and the economic effects of geographic location.
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影响因子：
8
作者：
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通讯作者：
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DOI：
10.2139/ssrn.1711653
发表时间：
2012-03
期刊：
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影响因子：
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2009-03
期刊：
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影响因子：
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作者：
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