Credit crunch and timing of initial public offerings
Credit crunch and timing of initial public offerings
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信贷紧缩和首次公开募股的时机
DOI：
10.1016/j.pacfin.2018.09.003
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发表时间：
2019
影响因子：
4.6
通讯作者：
Pengda Fan; Konari Uchida
中科院分区：
文献类型：
--
作者：
高村 悠介;角替 敏昭;堤 之恭;Pengda Fan; Konari Uchida
我们发现，与短期债务较少的公司相比，短期债务较多的公司更有可能在熊市中上市。重要的是，这一发现对于在贷款市场上银行信贷总额减少后上市的公司来说是显而易见的。熊市IPO在IPO年度偿还的短期债务比其他IPO要多，发行价和收益也较低。这些结果表明，当公司欠下大量短期债务时，信贷紧缩会显著影响IPO的时机和成本。
We find that firms with more outstanding short-term debt are more likely to go public in bear markets than firms with less short-term debt. Importantly, this finding is evident for firms going public after a reduction of total bank credits in the loan market. Bear market IPOs repay more short-term debt during the IPO year than other IPOs do, and have lower offering prices and proceeds. These results suggest a credit crunch significantly affects the timing and costs of IPOs when firms owe significant short-term debt.