초록 열기/닫기 버튼
This study examines the influence of exports, IPO duration, and government protection on the initial returns and long-run performance of IPO firms in the Chinese stock markets. Focusing specifically on underpricing in both initial returns and post-IPO long-run market performance that previous studies have found, we investigate whether the duration of IPOs affects market returns, using data on 1,313 IPO firms listed on the Shanghai and Shenzhen Exchanges during the period 1987-2015. Our findings are summarized as follows. The duration of an IPO has a positive effect on the initial returns in IPO markets, but has a negative effect in the secondary markets in the long run. Then, exports and transactions between affiliates in family groups of an IPO firm have a negative effect in both the IPO markets and secondary markets in the long run. The privatization of SOEs has a statistically significant effect on initial returns, but a negative effect in the long run. Lastly, the controlling rights of the owners have an adverse effect in the primary markets, but a positive effect in the secondary markets.
