欲速不达,事宽则圆——政府施政风格与企业IPO行为

More Deliberation,Less Frustration——Government Governance Style and IPO Behaviors of Local Firms

本文基于政府工作报告对政府施政风格进行了衡量,以IPO行为为切入点,实证研究发现,政府施政风格越激进,在政府干预动机和企业迎合动机的驱使下,当地企业IPO越活跃,表现为过会可能性更大以及排队等候期更短。此外,在施政风格越激进的城市,企业在新股上市时的短期表现虽然会更好,但在上市后会发生业绩的迅速变脸。本文不仅丰富了政府公共治理和IPO领域的研究,而且对于如何转化政府职能、实现经济高质量发展具有积极的实践意义。

This paper measures the government’s administrative style based on the government work report and takes IPO activities as an entry point.Empirical research finds that the more aggressive the government's administrative style is,driven by government intervention motives and corporate compliance motives,the more active local enterprise IPOs are.This is manifested in a higher probability of passing the review and shorter queuing periods.Moreover,in cities with more aggressive administrative styles,although companies tend to perform better in the short term when new stocks are listed,there is a rapid reversal in performance after listing.This paper not only enriches the research in the fields of government public governance and IPOs but also has positive practical significance for transforming government functions and achieving high-quality economic development.