Political Geography in IPO Trend with Empirical Evidence from Chinese Capital Market
- 经济学院－已发表论文 
2005年以来在地方政府的积极推动扶持下,地方企业加速上市,掀起IPO热潮。综合研究"政治关联"与"同乡效应"的"政治地理因素"在地方IPO热潮中的影响与作用,在构建中国地区政治地理指数基础上,选取2006年1月~2012年6月沪深两市全部IPO上市公司作为研究对象,分析政治地理因素对企业IPO行为及上市后业绩表现的影响。结果发现:政治地理因素对该地企业IPO通过率会产生显著影响,尤其处于经济发达地区的非国有企业;但是这些公司上市后的业绩往往容易出现逆转,特别是非国有企业,政治地理因素的影响更加明显。Since 2005, more and more enterprises accelerate the listing under local governments＇ promotion, generating a regional IPO wave in China. This paper analyzes the influence and mechanism of political geography, which combines political connections with fellow effect, in the local It＇O boom. Selecting all of the Shanghai and Shenzhen stock markets＇ IPOs between January 2006 and June 2012 as sample data, we study political geology in IPO approval and corporate performance after publish. The results show that political geography effect has prominent and positive impact to IPO approval rate, particularly among non-state owned companies in developed areas. However, these successful IPO companies always have common performance reversal, especially for non-state owned enterprises.