高铁开通与公司IPO

High-speed Rail and Corporate IPO

本文以我国各城市的高铁开通为准自然实验,采用双重差分法考察交通基础设施建设如何影响当地公司的上市行为。结果发现,一个城市开通高铁之后,当地公司上市申请数量显著增加,公司上市成功的概率显著提高。其作用机制是:高铁开通降低了监管者、中介机构和投资者获取公司信息的成本,使公司更容易获得风险投资参股、聘请到高质量的中介机构,进而增强了公司上市的动机,提高了公司上市的过会率。同时,本文还发现,高铁开通之后,监管者、中介机构以及投资者对上市申请公司的信息获取成本降低,不但使其能挑选出更优质的上市公司,还能降低公司上市的融资成本。本研究说明,交通基础设施建设能改善当地公司在资本市场中的融资活动,优化资本市场的资源配置效率。

Using the high-speed rail opening of various cities in China as a natural experiment,we apply the difference-in-differences(DID)model to investigate how the construction of transportation infrastructure in a region affects the behavior of local company going public.We find that after high-speed rail runs through a city,the number of local company going public increases significantly,and the approval probability of going public is improved significantly.Its mechanism is as follows:the high-speed rail opening reduces the cost of obtaining private information about local companies,making it easier for them to absorb venture capital and hire high-quality intermediary institutions,thereby enhancing the motivation of local company going public and improving the approval probability of going public.Meanwhile,we also find that after the opening of high-speed railway,the information acquisition cost of regulators,intermediary institutions and investors for these companies will be reduced.The declining of information cost not only enables them to select better companies,but also lowers the financing cost of these companies.This paper shows that the improvement of transportation infrastructure can both improve corporate financing efficiency and optimize the efficiency of resource allocation in capital markets.