Empirical Research about the financial features and shareholder structure after IPO

本文通过对上市公司财务报表的分析，实证研究了上市后上市公司财务特征和股权结构的变化。首先，我们表明，创始人和高层管理人员持有私人公司的所有权，但四分之一的IPO是由子公司进行的。第二，我们提供了上市后公司成长、股权多元化和所有权与经营权分离的证据。

This paper empirically explored change of the financial features and ownership structure after IPO by analyzing financial statements. At first, we show that founders and top managements hold the ownership of private companies, but the quarter of IPOs is by subsidiaries. The second, we provided evidences that after the going public, the firms grow, diversify the ownership and proceed to separation of ownership from management.