政治关联对民营企业IPO抑价的影响——制度环境的调节作用

The Influence of Political Connection on the IPO Underpricing of Private Enterprises——The Moderating Role of Institutional Environment

文章以2007-2015年我国深圳中小板上市公司为样本,实证研究民营企业的政治关联对其IPO抑价率的影响,同时考察了制度环境差异对政治关联与IPO抑价关系的调节作用。研究结果表明:政治关联显著影响我国民营企业IPO抑价率,政治关联度越强,民营企业IPO抑价越高;省级及以上的政治关联对IPO抑价的影响力度显著大于省级以下的政治关联;区分制度环境差异后,区域市场化程度越高、政府干预程度越低和法制环境程度越高,政治关联对民营企业IPO抑价率的影响越弱。

This paper studies the influence of the political connection of private enterprises on its IPO underpricing based on the data of SME board listed companies from 2007 to 2015,and analyzes the influence of different political connections on IPO underpricing,and further tests the moderating effect of institutional environment on the relationship between political connection and IPO underpricing.The results show that:The political connection can significantly affect the IPO underpricing rate,and the stronger the political connection,the higher the IPO underpricing of private enterprises; The influence of provincial and above political relations on IPO underpricing is significantly greater than the political relations below the provincial level; The higher degree of regional marketization,the lower degree of regional government intervention and the higher degree of environmental legal system,the lower the impact of political connection on the IPO underpricing of private enterprises.