Journal of Accounting Research · VOL. 55, NO. 4 · September 2017

乔布斯法案与上市成本

作者：Susan Chaplinsky (University of Virginia)

Kathleen Weiss Hanley (Lehigh University)

S. Katie Moon (University of Colorado)

摘要：我们研究了乔布斯法案第一条对在2012年4月5日至2015年4月30日期间提交首次公开发行（IPO）申请的312家新兴成长型公司的影响。我们没有发现EGC公司首次公开发行中直接发行成本、财务费用、法律费用或承销商费用的降低。EGC的抑价水平显著高于其他IPO，这种抑价是发行的间接成本，增加了发行者的资本成本。更重要的是，更高的溢价只存于该法案下新够格扩大披露的大公司中。总的来说，我们几乎没有找到证据表明该法案在颁布后前三年降低了可度量的上市成本。虽然该法案对发行者有值得重视的益处，但这些好处应该与法案颁布后可能发生的较高资本成本进行权衡。

The JOBS Act and the Costs of Going Public

Susan Chaplinsky (University of Virginia), Kathleen Weiss Hanley (Lehigh University), S. Katie Moon (University of Colorado)

ABSTRACT

We examine the effects of Title I of the Jumpstart Our Business Startups Act for a sample of 312 emerging growth companies (EGCs) that filed for an initial public offering (IPO) from April 5, 2012 through April 30, 2015. We find no reduction in the direct costs of issuance, accounting, legal, or underwriting fees for EGC IPOs. Underpricing, an indirect cost of issuance that increases an issuer's cost of capital, is significantly higher for EGCs compared to other IPOs. More importantly, greater underpricing is present only for larger firms that are newly eligible for scaled disclosure under the Act. Overall, we find little evidence that the Act in its first three years has reduced the measurable costs of going public. Although there are benefits of the Act that issuers appear to value, they should be balanced against the higher costs of capital that can occur after its enactment.

原文链接：http://onlinelibrary.wiley.com/doi/10.1111/1475-679X.12172/full

翻译：陈然