Do political connections matter in accessing capital markets? Evidence from China

被引：47

作者：

Bao, Xiaolu ^{[1
]}

Johan, Sofia ^{[2
]}

Kutsuna, Kenji ^{[1
]}

机构：

[1] Kobe Univ, Grad Sch Business Adm, Kobe, Hyogo, Japan

[2] York Univ, Schulich Sch Business, N York, ON M3J 1P3, Canada

来源：

EMERGING MARKETS REVIEW | 2016年 / 29卷

关键词：

IPO; Political connection; Start-ups; China; Emerging markets; CORPORATE GOVERNANCE; FIRM PERFORMANCE; IPO; INFORMATION; ASYMMETRIES; QUALITY; IMPACT; COSTS;

D O I：

10.1016/j.ememar.2016.08.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze the influence of political connections on firms' access to capital and the ensuing effect on the cost of raising capital. Using a dataset of 413 IPOs from 2009 to 2012, we exploit a research setting where government is still highly involved with the process. We find that firms rely on political connections to reduce IPO rejection risk as a firm's political connections are positively associated with the propensity of obtaining approval for an IPO. We further find that political connections are negatively associated with the cost of IPO and connected firms appear to perform better subsequent to their IPOs. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：24 / 41

页数：18

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