International purchasing offices: Literature review and research directions

International Purchasing Offices (IPOs) now play an increasingly important role in the management of international sourcing activities, both in developed and emerging economies. The relevance of this organisational solution and the relatively limited research that has been published so far in the P&SCM literature make the “IPO” topic particularly promising for future research. This paper – based on an analysis of 59 works published between 1991 and 2011 – provides the first comprehensive literature review and research agenda on this topic. The primary issues (i.e., IPO definition, activities, location choices, strengths, weaknesses, and human resources management) are identified, and a conceptual framework is proposed. Building on this analysis, some theoretical and methodological weaknesses of the existing works and some gaps in the literature are discussed. This work concludes by suggesting several future research directions.     

Motives and consequences of IPOs in cold periods

We analyze the motives and long-term stock price performance of firms that pursue IPOs in cold IPO periods. We find that firms are more likely to engage in an IPO during a cold period when their earnings are relatively high and are expected to decline in the future. We also find that IPO firms during a cold period are more likely to have managed their earnings prior to the IPO. Furthermore, we find that cold IPO firms experience significantly weaker stock price performance than hot IPO firms, and results are robust to different criteria for defining hot and cold IPO periods, different measures of stock price performance, and different investment holding periods. We find that investment opportunities, the backing of a venture capitalist, and an increase in earnings in the year of the IPO lead to significantly higher long term stock price performance of IPO firms. Our multivariate models confirm the adverse cold IPO period effect on stock price performance even after controlling for the IPO motives and the firm's earnings performance. Our results also hold within the post-Sarbanes-Oxley (SOX) era.     

风险资本对IPO抑价的影响——基于中国中小企业板上市公司的实证研究

本文以2004～2007年间在我国中小企业板上市的201家公司作为研究时象,运用差异性比较和多元回归分析,研究风险资本对IPO抑价的影响.研究结果表明,风险资本支持企业的IPO抑价率显著高于非风险资本支持的企业,但风险资本对IPO抑价没有显著相关关系,风险资本对IPO抑价影响的认证作用、筛选监督作用、逆向选择和躁动效应在我国并不存在.进一步分析表明风险资本支持企业的高抑价率来自二级市场投资者对其预期过分乐观,而非发行定价偏低.     

Looking Attractive until You Sell: Earnings Management,Lockup Expiration,and Venture Capitalists

Earnings management occurs when managerial discretion allows managers to influence reported earnings and thus mislead some investors about the underlying economic performance and quality of the firm. This study considers how potential investors may guard against earnings management by observing negative stock price reaction at the lockup expiration period of initial public offering (IPO) firms as a negative signal. Findings from a sample of 160 newly public firms show that earnings management behaviour is stronger in IPO firms backed by venture capitalists (VCs). Moreover, VC reputation negatively moderates this relationship such that IPO firms backed by reputable VCs are less likely to manage earnings, suggesting that reputable VCs serve an auditing function following an IPO. Overall, we provide insights into signalling theory by examining negative signals arising from the behaviour of multiple agents in an IPO firm.     

基于非参数估计的GMDH算法模型及其在股票发行定价中的应用研究

新股发行定价是股票市场的一个重要环节,为了适应市场化的定价机制,研究科学的新股定价模型,本文结合我国证券市场的实际情况,考虑影响新股定价的诸多因素,将非参数估计与GMDH算法结合,研究股票发行定价。实证结果表明,基于非参数估计的GMDH算法模型能有效的估计新股发行价格。     

Venture capitalist participation and the post-issue operating performance of IPO firms

Previous studies have identified the value-added potential of venture capitalist monitoring in the initial public offering (IPO) market. We test this proposition by comparing the post-issue operating performance of venture capitalist-backed IPOs with a matched sample of non-venture capitalist-backed IPOs. We find that venture capitalist-backed IPO firms exhibit relatively superior post-issue operating performance compared to non-venture capital-backed IPO firms. Further, the market appears to recognize the value of monitoring by venture capitalists as reflected in the higher valuations at the time of the IPO. Finally, we find that proxies for the quality of venture capitalist monitoring are positively related to post-issue operating performance.     

Examining the relative influence of upper echelons ties on IPO underpricing

Integrating signaling theory with insights derived from the attention based view, this study addresses the question of which types of upper echelons ties initial public offering (IPO) markets value more. Specifically, we argue that the signals conveyed by upper echelons ties with publicly traded firms are perceived by IPO equity markets as more valuable than upper echelons ties with privately held firms. Additionally, we contend that the signals sent by external directorates with publicly traded firms are perceived more favorably by IPO equity markets than managerial ties with publicly traded firms. The theory in this study is tested on a sample of 366 firms than underwent their IPOs during 1997. The results of hypothesis tests provide partial support for our arguments.     

IPO筹资额对经济动态传导效应研究——基于协整与非对称ECM模型的分析

运用协整与非对称误差修正模型,就IPO筹资额对经济动态传导效应进行实证研究,结果显示,IPO筹资额对经济增长的作用有限;IPO筹资额正偏离经济的影响大于负偏离对经济的影响,呈现出明显的非对称特征。     

双重上市股票更有投资价值吗？——基于H+A股与A股的对比分析…朱宏泉，应潇潇

通过对比先在H股上市、后回到A股上市的股票（简记为H+A股）与仅在A股上市的股票上市首日收益率、上市后短期和长期收益的差异,探讨两类股票的投资价值。结果显示：相较于A股股票,H+A股上市首日收益更高,但上市后的短期收益和长期收益更低。究其原因,H+A股更高的上市首日收益与其发行定价低相关,短期和长期市场收益低既与公司的业绩不好相关,也与投资者的不认可相关,表明相较于仅在A股上市的股票,H+A股更不具备投资价值。     

中国H股市场IPO抑价现象实证研究

文章通过多元回归模型考察了H股IPO抑价的影响因素。研究发现,H股IPO抑价程度受以下三个因素的显著影响:一级市场超额认购倍数、二级市场的市场收益率以及公司绩效。其中一级市场的超额认购倍数的影响力最大,体现了H股IPO市场化的特征。文章的结论还表明,逆向选择理论与信号传递模型在H股市场上有一定的适用性。     

政治关系与民营企业IPO机会

以我国2006—2009年民营企业的IPO申请为研究样本,同时考察企业拥有的企业层面政治关系和所在辖区层面政治关系,实证研究了政治关系是否有助于民营企业得到IPO机会。研究发现政治关系对民营企业的IPO机会存在显著影响,拥有政治关系越多的民营企业越可能通过发审委IPO审核。研究结果表明,在中国这样的缺乏正式的法律和司法体系、私有产权容易遭到政府侵害的制度环境下,政治关系作为一种重要替代机制正在发挥作用。     

Donating Money to Get Money: The Role of Corporate Philanthropy in Stakeholder Reactions to IPOs

This study examines how stakeholders' investment time horizons interact with information about corporate giving in initial public offering (IPO) firms. Specifically, we build a model that explains how corporate philanthropy affects IPO performance. We find that at the IPO‐preparation stage, corporate giving is negatively related to underwriter prestige, venture capital investment, and IPO financing costs. We also find that at the IPO‐issuance stage, negative media coverage of IPOs moderates the U‐shaped relationship between corporate giving and market premiums. At the IPO‐trading stage, we find that corporate giving only positively influences the market premiums for IPO firms that are the subject of negative media reports. Our findings contribute to the signalling theory by showing how various stakeholders interpret the same signals differently, and they have implications for understanding how the relationship between corporate philanthropy and corporate financial performance materializes in the IPO markets.     

中国沪市IPO抑价组成的实证研究

IPO抑价现象自被提出之日就受到了众多学者的关注,根据对IPO抑价组成的分析,我们认为IPO抑价应该包含故意抑价和由投资者非理性行为引起的抑价两部分。本文将利用随机前沿模型对中国IPO抑价的组成进行实证研究。     

地理位置对上市公司IPO抑价的影响——基于区域金融密度的实证研究

基于区域金融密度的视角研究地理位置对上市公司IPO抑价的影响问题。基于信息不对称理论和信息不对称假说,研究发现上市公司所在地的金融密度越高,上市公司IPO抑价越低。选取2006—2016年我国A股市场820家 IPO企业作为样本,构建了多元回归模型,经实证分析发现地理位置与上市公司IPO抑价之间呈显著的负相关关系,即高金融密度地区上市企业 IPO 抑价率要显著低于低金融密度地区上市企业的IPO抑价率。     

Industry clustering of initial public offerings

Extant empirical evidence has documented both a temporal variation in the number of initial public offerings (IPOs) and an industry clustering effect in these offerings. This article attempts to provide insights into this phenomenon by: (i) identifying industry conditions that influence IPO clustering, (ii) analyzing differences in characteristics of clustered versus non‐clustered IPOs, and (iii) studying the impact of IPO clustering on long‐run operating performance. We find that IPO clustering is more likely to occur in high‐growth fragmented industries that are characterized by strong investment opportunities, favorable investor sentiment, and which require high levels of investments in R&D. Further, we document a negative relation between post‐IPO operating performance and whether the IPO firm goes public in its industry cluster period. We conclude that the relatively poor post‐IPO operating performance of firms that go public in industry cluster periods likely reflects industry overinvestment arising from too many firms within that industry chasing the same investment opportunities. Copyright © 2005 John Wiley & Sons, Ltd.     

Analysis of Korean IT startups’ initial public offering and their post-IPO performance

Since the financial crisis in Korea, by focusing on core technology, IT startups have played an important role in the recovery of Korea’s economy through innovating technologies and creating new jobs. Even though there are many startups, it is not very common to reach the point of the initial public offering (IPO) and the post-IPO performance of the firms is mostly declining. Since it is rather difficult to apply conventional performance measures to very young firms, IPO has been used as a tool for performance evaluation. This study adopts the IPO as an early-stage measure for the performance of high technology startups. It is important to find out whether an earlier IPO of firms leads to a better performance and capability of firms. We investigate the relationship between the time to IPO of firms and their post-IPO performance for 3 years after their IPO by adopting samples of 79 information technology hardware firms founded after 1996 and listed between 2000 and 2004 in the KOSDAQ. Four determinant factors, including entrepreneurs’ experience, venture capital investment, startups’ technology sourcing, and technology portfolios which determine the firm’s time lag to getting to the IPO, are identified. The findings contain several results. First, the patent has positive effects on the firms’ performance after an IPO and on the firms’ growth before the IPO. Second, a faster technology acquisition via technology alliance has a positive influence on the firms’ IPO regardless of internal technologies. Third, concentrating on core technology, instead of diversifying can mature the startup firms faster. These indicate that a startup’s efficient initial strategy is critical for its performance and it enhances the credit and confidence of the market.     

风险投资机构参与对上市公司IPO前盈余管理的影响——基于创业板上市公司的数据

基于创业板上市公司数据,对风险投资机构参与及其特征对我国上市公司IPO前的盈余管理影响进行实证检验,结果显示：风险投资机构参与对上市公司IPO前的盈余管理起到了积极的认证和监督作用。在我国,政府性资本占主要地位的风险投资机构更多地发挥了正面认证和监督作用。风险投资机构的声誉和数量对上市公司IPO前的盈余管理发挥了较大作用,风险投资机构的声誉越高、数量越多,上市公司IPO前一年的盈余管理程度越低。风险投资机构总持股比例与盈余管理程度无显著关系。     

我国新股IPO高定价发行原因及对策——新股IPO定价模型研究初探

新股IPO＂三高＂现象一直是困扰我国证券市场健康发展的问题之一,2010年11月,中国证监会有针对性地实施了新股发行体制第二轮改革。笔者认为,此次改革之所以没有达到预期效果,主要是对＂三高＂产生的根本原因缺乏必要的研究。文章通过构建新股定价模型,从一个全新的角度探究新股IPO＂三高＂背后的根本原因,并提出了解决＂三高＂的思路与对策,丰富与创新了相关的理论。     

Private benefits extraction by the initial owner and the dynamic of ownership and control post‐initial public offering

We investigate the relation between the private benefits' extraction by the initial controlling shareholder and the likelihood of the change of control post‐initial public offering (IPO) in France. We find that (a) in a weak investor protection context, the initial controlling shareholder with high private benefits of control is less likely to relinquish control 5‐years post‐IPO. (b) The initial controlling shareholder extracts private benefits of control through high voting rights and when the founder is involved in control at IPO. (c) Family controlling shareholders are less likely to end up with change of control post‐IPO than nonfamily ones. Such behavior is more pronounced with substantial voting rights, when the founder is in control and when the founder or his heir is an executive director. High private benefits of control contribute therefore to foster the survival of the initial controlling shareholder post‐IPO. Our findings are robust even after using alternative proxies of private benefits of control and also after running a survival analysis.     

风险投资背景异质性与退出时机选择——基于信任视角的实证研究

退出是风险投资获得投资回报、实现投资目标的关键环节,以我国2009—2016年深圳中小板和创业板IPO公司为研究样本,分析风险投资背景异质性对其退出时机的影响,并进一步检验风险投资机构与创业企业之间的信任在其中的调节作用。研究发现：风险投资背景异质性对其退出存在显著影响,与独立风险投资相比,公司风险投资在创业企业IPO后退出企业时间更晚;无论是基于声誉的信任还是基于制度的信任,风险投资机构与创业企业之间双向的信任都会促使公司风险投资更晚退出创业企业;相对于独立风险投资,公司风险投资更晚退出企业是为了追求战略回报。研究表明创业企业可以通过提升风险投资对其信任度来维护其投资管理,而风险投资机构则可以通过提升创业企业对其信任度来加深互惠互信的合作关系。