政治关联、IPO初始收益率与长期表现——基于创业板的实证研究

发布时间：2018-04-03 21:42

本文选题：IPO初始收益率　切入点：政治关联　出处：《会计之友》2017年15期

【摘要】：文章选取创业板从2009年到2012年的356家上市公司,实证检验了政治关联、IPO初始收益率与长期绩效之间的关系。研究表明:IPO初始收益率与长期表现负相关,即IPO初始收益率对长期表现有一定预示作用;引入政治关联以后,政治关联与IPO初始收益率的交互项与长期表现正相关,即IPO企业政治关联对初始收益与长期表现起正向调节作用。进一步,将政治关联分为官员型和委员型,分别考察其对IPO初始收益与长期表现的调节作用,发现官员型政治关联对两者有负向调节作用,而委员型政治关联对IPO初始收益率与长期表现有显著的正向调节效应。
[Abstract]:This paper selects 356 listed companies in gem from 2009 to 2012, and empirically tests the relationship between initial IPO yield and long-term performance.The study shows that the initial yield of IPO is negatively correlated with the long-term performance, that is, the initial yield of IPO has a certain predictive effect on the long-term performance, and the interaction between political correlation and initial yield of IPO is positively correlated with the long-term performance after the introduction of political association.That is, IPO corporate political association plays a positive role in regulating the initial income and long-term performance.Furthermore, the political association is divided into official type and committee type, and the regulative effect on the initial income and long-term performance of IPO is investigated, and it is found that the political association of official type has a negative regulatory effect on both.But the political association of committee type has significant positive adjustment effect on the initial yield and long-term performance of IPO.
【作者单位】：对外经济贸易大学国际商学院;山东青年政治学院;
【基金】：国家自然科学基金项目“反腐败、R&D投资决策与公司价值”(71662029) 教育部人文社科项目“上市公司参与影子银行业务的动机、后果与监管政策研究”(14YJA630097);教育部“新世纪优秀人才支持计划”(NCET-11-0623) 财政部全国会计领军(后备)人才项目对外经济贸易大学研究生科研创新基金资助(2017076)
【分类号】：D0;F832.51

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