政治关系如何推动创业板公司的IPO估值泡沫

How Did Political Connections Push the IPO Bubbles of GEM Companies

现有研究表明,民营企业政治关系具有突破政府管制壁垒,提升民企竞争力的积极意义,然而,民营企业寻求政治关联,是否会给市场带来负面效应?本文以2011年4月7日前在深交所创业板上市的200家公司为研究样本,重点考察政治关系对创业板公司IPO估值泡沫的影响。研究发现:(1)有无政治关系与IPO估值泡沫显著正相关,有政治关系公司的IPO估值泡沫显著大于无政治关系公司;(2)政治关系强度与IPO估值泡沫显著正相关,政治关系越强,创业板公司的IPO估值泡沫越严重。

Current research indicated that the political connections can improve the competitiveness of private enterprises by breaking up government regulation barrier. However, would there be any negative effect on the market while private enterprises looking for political connections？ Taking the 200 China Growth Enterprises Mar- ket （GEM） companies as research sample, this paper examines the influences of political connections on the GEM bubbles. The empirical results show that： （1） there is a significantly positive correlation between whether the company has political connections and the company＇s IPO bubbles. （2） There is a significantly positive cor- relation between the strength of political connections and the company＇s IPO bubbles, which means the stronger the political connections is, the more serious the IPO bubbles are.