IPO行业竞争效应——基于产品市场竞争博弈模型的实证研究

发布时间：2018-04-18 10:31

本文选题：产品市场竞争博弈 + IPO竞争效应　；参考：《预测》2017年04期

【摘要】：本文构建了一个在产品市场需求不确定条件下的二阶段双寡头垄断模型,研究我国IPO行业竞争效应。模型结果表明:企业上市后在产品市场获得策略性竞争优势,采用积极的市场竞争策略抢占竞争对手市场份额,降低竞争企业价值,从而影响竞争企业的市场表现,且行业产品市场特征加剧IPO竞争效应。本文以A股市场1997~2016年的企业相关数据进行实证,发现我国企业IPO对竞争企业的短期股价表现造成负向冲击,且产品市场竞争程度加剧这种短期效应影响。本文进一步将竞争企业长期经营业绩纳入我国IPO竞争效应分析框架,实证研究表明企业IPO对竞争企业长期经营绩效产生负向冲击,有益地补充了我国IPO行业竞争效应的研究。
[Abstract]:In this paper, a two-stage duopoly model under uncertain product market demand is constructed to study the competitive effect of IPO industry in China.The results of the model show that the enterprises gain strategic competitive advantage in the product market after listing, and use the positive market competition strategy to seize the market share of the competitors and reduce the value of the competitive enterprises, thus affecting the market performance of the competitive enterprises.And industry product market characteristic intensifies IPO competition effect.Based on the relevant data of the A share market from 1997 to 2016, this paper finds that the IPO of Chinese enterprises has a negative impact on the short-term stock price performance of competitive enterprises, and the degree of competition in the product market intensifies the impact of this short-term effect.In this paper, the long-term performance of competitive enterprises is further incorporated into the IPO competitive effect analysis framework. The empirical study shows that the IPO has a negative impact on the long-term performance of competitive enterprises, which complements the research on the competitive effect of IPO industry in China.
【作者单位】：武汉大学经济与管理学院;
【基金】：国家自然科学基金资助项目(71471142)
【分类号】：F224.32;F832.51

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