商业信用供给对创业企业IPO市场表现的影响——基于注意力基础观与制度理论的实证研究

The Influence of Commercial Credit Supply on the IPO Market Performance of Entrepreneurial Enterprises:An Empirical Study Based on the Attention-based View and Institutional Theory

作为企业重要的经营战略,商业信用供给在创业企业的生存和可持续发展中扮演着至关重要的角色。基于注意力基础观和制度理论双重视角,以2009—2021年创业板IPO上市企业为样本,探究了商业信用供给对创业企业IPO市场表现的影响及作用机制。研究发现,创业企业IPO上市前的商业信用供给显著增加企业发行成本,与发行市场溢价呈U型关系,与零售市场溢价呈倒U型关系。自2020年创业板注册制实施后,散户投资者和机构投资者对于IPO企业商业信用供给的积极看法增强。进一步分析表明,在较完善的地区法律制度环境和地区信用制度环境下,散户投资者和机构投资者更容易对商业信用供给作出正面评价。研究结论不仅对创业企业利用商业信用供给来降低发行成本、提高发行市场溢价和零售市场溢价具有指导意义,而且为政策制定者推动IPO制度改革及提高上市企业质量提供了有益启示。

As a crucial strategic aspect of business operations,the provision of commercial credit plays a vital role in the survival and sustainable development of entrepreneurial enterprises.From the perspectives of attention-based view and institutional theory,this paper examines the impact and mechanisms of commercial credit provision on the IPO market performance of entrepreneurial enterprises,using a sample of companies listed on the Growth Enterprise Market from 2009 to 2021.The study finds that the provision of commercial credit prior to an entrepreneurial firm's IPO significantly increases the firm's issuance cost and exhibits a U-shaped relationship with the issuance market premium,and an inverted U-shaped relationship with the retail market premium.Since the implementation of the registration system on the Growth Enterprise Market in 2020,both retail and institutional investors have shown an increased positive perception of the commercial credit provision of IPO firms.Further analysis indicates that in regions with more developed legal and credit systems,retail and institutional investors are more likely to have a positive evaluation of commercial credit provision.The conclusions of the study not only offer guidance for entrepreneurial firms to reduce issuance costs and increase issuance and retail market premiums through the provision of commercial credit but also provide valuable insights for policymakers to promote IPO system reforms and enhance the quality of listed companies.