民营企业组织结构对首次公开发行抑价和关联交易的影响

作者以1999年至2004年IPO的84家金字塔结构的民营企业为研究样本,研究金字塔型控股结构对民营企业首次公开发行(IPO)后长期市场表现的影响,并试图从不同角度阐述长期市场表现变化的原因。作者发现,从短期来看,金字塔式的组织结构越复杂,民营企业IPO抑价程度越大。从长期来看,金字塔结构越复杂的发行公司越倾向于用后续的关联交易,尤其是通过非经营性的关联交易从上市公司中收回现金,来补偿民营企业家在IPO抑价中损失的财富。

The Effect of the Organizing Structure of Private Enterpriseson IPO Under-Pricing and Connected Transaction

The author takes 84 IPO private enterprises with Pyramidal structure from 1999 to 2004 as samples,researches the effect of Pyramidal structure on the long-term market representation of private enterprises after IPO and tries to expatiate on the reasons for the long-term change in market representation from different perspectives.The author finds that in the short run the more complex the Pyramidal Structure is,the more under-pricing will happen during IPO.In the long run,the offering companies with more complex pyramidal structure tend to take back cash from listed companies with subsequent connected transaction,especially non-management connected transaction and make up for private entrepreneurs' loss in IPO underpricing.