The Stock Market as a Screening Device and the Decision to Go Public
The Stock Market as a Screening Device and the Decision to Go Public
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股票市场作为筛选工具和上市决策
DOI：
10.2139/ssrn.75358
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发表时间：
1998
期刊：
影响因子：
--
通讯作者：
Kristian Rydqvist
中科院分区：
文献类型：
--
作者：
Tore Ellingsen;Kristian Rydqvist
我们认为，许多公司在长期撤资计划的第一阶段被公开交易。几个投资者的信息，这种市场价值而不是现金注入可能是首次公开发行的主要好处。整个经验观察范围，特别是为什么初始所有者经常在首次公开募股（IPO）完全退出，以及股票市场介绍的数量随着股票价格水平的增加而增加。定价以与最近的证据相一致的方式。
We argue that many firms become publicly traded on a stock exchange as the first stage of a longer term divestment plan. Making a direct sale of unlisted stock may be associated with great adverse selection costs. The publicly listed stock price reduces adverse selection by aggregating the information of several investors, and this market valuation, rather than the cash infusion, could be the main benefit of an initial public offering. This theory provides a unified treatment of a whole range of empirical observations, in particular why initial owners frequently exit completely subsequent to an initial public offering (IPO) and why the number of stock market introductions increases with the stock price level. The model also reformulates the ”sweet taste” explanation of IPO underpricing in a way which is consistent with recent evidence. Finally, we argue that the number of firms which go public is inefficiently large.