Product Market Characteristics and the Choice between IPOs and Acquisitions
Product Market Characteristics and the Choice between IPOs and Acquisitions
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产品市场特征及IPO与收购的选择
DOI：
10.2139/ssrn.1536024
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发表时间：
2016
影响因子：
3.9
通讯作者：
Debarshi K. Nandy
中科院分区：
文献类型：
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作者：
Thomas J. Chemmanur;Jie He;Shan He;Debarshi K. Nandy
利用独特的美国人口普查数据集，我们分析了创业公司的产品市场特征如何影响他们在上市、被收购或保持私有之间的选择。规模，全要素生产率（TFP），销售增长，资本支出，市场份额，获得私人资金和人力资本密集度显着增加了私人公司的首次公开募股（IPO）相对于收购的可能性。信息不对称程度较低、股票流动性较高的行业的公司更有可能选择IPO而不是收购。无论哪种退出方式，TFP都在前后达到峰值，但收购前的TFP上升率和收购后的下降率都小于IPO前后。
Using unique U.S. Census data sets, we analyze how entrepreneurial firms’ product market characteristics affect their choice between going public, being acquired, or remaining private. Size, total factor productivity (TFP), sales growth, capital expenditure, market share, access to private funding, and human capital intensiveness significantly increase a private firm’s likelihood of an initial public offering (IPO) relative to an acquisition. Firms in industries with less information asymmetry and higher stock liquidity are more likely to choose an IPO over an acquisition. While TFP peaks around either form of exit, the rate of increase in TFP prior to acquisitions and the subsequent decrease is smaller than that around IPOs.
DOI：
10.2139/ssrn.99580
发表时间：
1999-03
期刊：
The American Economic Review
影响因子：
--
作者：
Michael C. Jensen
通讯作者：
Michael C. Jensen