基于并购视角的IPO动因实证研究

以2004-2010年沪深A股上市公司为研究样本,追踪企业IPO(首次公开募股,Initial Public Offerings,简称IPO)后5年,考察并购行为是否为企业进行IPO的重要动因之一.结果表明:现金对价方式的并购支出与IPO初始资金筹集量显著正相关,与SEO资金筹集量显著正相关;股票对价方式的并购支出与IPO抑价显著正相关,与Jensen指数显著正相关;并购总支出与IPO成本显著正相关,与企业债务资本筹集量显著正相关,与发行价格调整正相关但不显著.

An Empirical Study of IPO Motivation: A Perspective of Mergers and Acquisition

We select all listed companies of Shanghai and Shenzhen A-shares from 2004-2010 as a research sample,tracking for five years after IPO,then study whether the behavior of IPO is driven by the behavior of acquisition.The results show:Cash M & A expenditure is positively correlated with the amount of IPO initial fund-raising and the amount of SEO.M & A expenditure in stock price is positively correlated with IPO underpricing and Jensen index.Total amount of M & A is positively correlated with the IPO cost and debt capital,but not significantly related to the offer price revision.