家庭参与、政府关系与中国中小企业IPO定价偏低

IF 9.9 1区管理学 Q1 BUSINESS Family Business Review Pub Date : 2020-02-11 DOI:10.1177/0894486520905180

Jie Yang, Jieqiong Ma, D. Doty

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引用次数: 21

摘要

本研究运用制度理论探讨家族参与、政府关系与中国首次公开发行(IPO)抑价之间的关系。我们以2004-2014年10年间在深圳证券交易所中小企业板上市的577家制造业企业为样本，探讨了这些关系。与以往文献相比，我们发现中国家族企业的IPO定价低于非家族企业。此外，我们发现家族成员的政治关系增强了家族参与与IPO抑价之间的负相关关系。相反，国有制缓和了上述关系。

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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Family Involvement, Governmental Connections, and IPO Underpricing of SMEs in China

This study draws on institutional theory to explore the relationship between family involvement, governmental connections, and initial public offering (IPO) underpricing in China. We explore these relationships using a sample of 577 manufacturing firms listed on the small and medium enterprises board of the Shenzhen Stock Exchange over a 10-year period (2004-2014). In contrast with previous literature, we found that Chinese family firms tend to exhibit less IPO underpricing than nonfamily firms. In addition, we found family members’ political ties enhance the negative relationship between family involvement and IPO underpricing. In contrast, state ownership mitigates the above relationship.

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来源期刊

Family Business Review BUSINESS-

CiteScore

12.40

自引率

13.60%

发文量

期刊介绍： Family Business Review (FBR) has been a refereed journal since 1988, serving as the premier scholarly publication dedicated to the study of family-controlled enterprises. It delves into the dynamics of these businesses, encompassing a range of sizes from small to very large. FBR concentrates not only on the entrepreneurial founding generation but also on family enterprises in subsequent generations, including some of the world's oldest companies. The journal also publishes interdisciplinary research covering families of wealth, family foundations, and offices.