西班牙市场首次公开发行的低估:家族企业与非家族企业

Revista Europea de Dirección y Economía de la Empresa Pub Date : 2013-10-01 DOI:10.1016/j.redee.2013.07.001

José Emilio Farinós Viñas, C. José García Martín, Fuencisla Martínez Lobato

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引用次数: 3

摘要

以前的国内和国际证据表明，通过首次公开募股(IPO)上市的公司价格偏低。本文研究了家族企业与非家族企业IPO抑价是否存在差异。我们选取了1994年至2012年期间在西班牙进行的59宗ipo的样本。我们发现，无论是家族企业还是非家族企业，都表现出显著的定价过低，在家族企业中明显更低。结果并不表明在西班牙市场的定价过低和IPO活动之间存在任何联系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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La infravaloración de las ofertas públicas iniciales en el mercado español: empresa familiar versus empresa no familiar

Previous national and international evidence show that firms going public through an Initial Public Offering (IPO) underprice. In this research we investigate whether IPO underpricing differs between family firms and non-family firms. We employ a sample of 59 IPOs conducted in Spain over the period 1994 to 2012. We find that both family or non-family firms exhibit significant underpricing, being significantly lower in the case of family firms. Results do not suggest any linkage between underpricing and IPO activity in the Spanish market.

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Revista Europea de Dirección y Economía de la Empresa

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