JOURNAL OF BANKING & FINANCE, VOL 98, JANUARY 2019

股票市场发展和IPO在收购中的融资作用

作者：Nihat Aktas (WHU – Otto Beisheim School of Management)

Kathleen Andries（WHU – Otto Beisheim School of Management）

Ettore Croci（Università Cattolica del Sacro Cuore）

Ali Ozdakak (WHU – Otto Beisheim School of Management)

摘要：本文通过比较具有不同股票市场发展程度的国家的公司来研究IPO作为融资来源的作用。通过分析收购投资，本文发现，在股票市场较发达的经济体中运营的公司从IPO的融资作用中获得的收益比来自股票市场欠发达国家的公司多。控制银行融资的重要性并不会改变本文的结论。以市场为中心的国家的IPO公司在IPO后的时期也经历了规模和盈利能力相对较大的增长。本文的结果表明，IPO融资的目的一般随金融体系而变化，尤其与股票市场发展程度相关。

关键词：股票市场发展，银行金融体系，并购，IPO，财务约束

Stock Market Development and the Financing Role of IPOs in Acquisitions

Nihat Aktas (WHU – Otto Beisheim School of Management),Kathleen Andries（WHU – Otto Beisheim School of Management）,Ettore Croci（Università Cattolica del Sacro Cuore）,Ali Ozdakak (WHU – Otto Beisheim School of Management)

ABSTRACT

We examine the role of IPOs as a source of financing by comparing firms from countries with different degrees of stock market development. Focusing on acquisition investments, our results suggest that firms operating in economies with a more developed stock market extract more benefits from the financing role of IPOs than firms from countries with a less developed stock market. Controlling for the importance of bank financing does not alter our main findings. IPO firms from market-focused countries also experience a relatively larger increase in size and in profitability in the post-IPO period. Our results indicate that the purpose of IPO financing varies with the financial system in general and with the degree of stock market development in particular.

Keywords: Stock Market Development；Bank-Based Financial System；Merger and Acquisition；IPO；Financial Constraint

原文链接：

https://www.sciencedirect.com/science/article/pii/S0378426618302395#!

翻译：王秭越