商业研究

商业研究

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企业IPO为什么会对行业竞争对手产生积极影响？. ——基于A股IPO行业关注效应的视角

胡志强，邱胜   

  1. （武汉大学 经济与管理学院，武汉 430072）
  • 收稿日期:2018-06-22 出版日期:2018-12-10
  • 作者简介:胡志强（1962-），男，湖北汉川人，武汉大学经济与管理学院教授，博士生导师，经济学博士，研究方向：金融工程、固定收入证券、资产定价；邱胜（1994-），男，湖北鄂州人,武汉大学经济与管理学院研究生，研究方向：资产定价。.
  • 基金资助:
    国家自然科学基金项目“多主体交互作用下基于随机微分博弈的IPO决策机理研究”，项目编号：71471142。

.Why does the IPO have a Positive Impact on Competitors? From the Perspective . of IPO Industry Attention Effect in A-share Market

HU Zhi-qiang, QIU Sheng .   

  1. (School of Economics and Management, Wuhan University, Wuhan 430072,China)
  • Received:2018-06-22 Online:2018-12-10

摘要： 企业IPO会对行业产生何种影响？本文实证研究发现，IPO事件会引起投资者对整个行业的关注，形成对行业内上市公司股票的购买压力。在A股市场，这种非理性购买压力甚至高于IPO事件对同行业已上市公司产生不利竞争影响带来的抛出压力，使得A股出现IPO企业的行业竞争对手股票价格不降反升的异常现象。进一步研究发现，在冷门行业中，IPO事件引起的行业关注显著降低了投资者与行业内上市公司之间的信息不对称程度，迫使其改善经营状态，而且行业内出现新的上市企业，行业竞争将变得更加激烈，竞争对手也有动力主动去改善经营状态，使得IPO事件对于竞争对手企业的长期经营绩效也会产生积极影响。上述结论表明可以通过IPO来提高战略扶持行业竞争力，有助于调整产业结构，促进资本市场服务实体经济，以达到经济高质量发展的要求。.

关键词: IPO, 在位企业, 短期超额收益, 长期经营绩效.

Abstract: What impact will IPO events have on the industry? this article finds that the IPO incident can cause investors to pay attention to the entire industry and form pressure on the purchase of shares of listed companies in the industry. In A-share market, this irrational purchase pressure was even higher than the selling pressure from the IPO event′s adverse impact on listed companies in the same industry. The pressure exerted on the stock market caused A-share to show an abnormal phenomenon in which the price of the competitors of IPO companies rose. Further research finds that in the unpopular industry, the industry attention caused by the IPO event has improved the asymmetry of information between investors and competitors and forced them to improve their operating status, moreover, new listed companies have emerged in the industry, and industry competition will become even greater. Intense, competitors also have the motivation to improve their operating status. Therefore, the IPO event also has a positive impact on the long-term performance of the competitors. The research in this article shows that IPO can be used to increase the competitiveness of the industry supported by national strategy, help adjust the industrial structure, and promote the capital market to serve the real economy to meet the requirements of high-quality economic development..

Key words: IPO, incumbent firms, short-term excess return;long-term business performance