Political connections and the long-term stock performance of Chinese IPOs

被引：40

作者：

Liu, Jianlei ^{[1
]}

Uchida, Konari ^{[2
]}

Gao, Ruidong ^{[3
]}

机构：

[1] Kyushu Univ, Grad Sch Econ, Fukuoka 8128581, Japan

[2] Kyushu Univ, Fac Econ, Higashi Ku, Fukuoka 8128581, Japan

[3] Waseda Univ, Grad Sch Econ, Tokyo, Japan

来源：

JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2012年 / 22卷 / 04期

关键词：

Initial public offerings; Long-term underperformance; Political connections; Regulations; China; INITIAL PUBLIC OFFERINGS; CORPORATE GOVERNANCE; RUN PERFORMANCE; OWNERSHIP STRUCTURE; UNDERPERFORMANCE; HOT; RETURNS; ISSUES;

D O I：

10.1016/j.intfin.2012.05.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyse the long-term stock performance of Chinese initial public offerings (IPOs) between the years of 2000 and 2007. The results reveal that firms with political connections experience better long-term stock performance. Our results suggest that the abolition of the Issuance Quota System and Channel Restriction System has a negative influence on the long-term performance of IPOs. This evidence is consistent with the view that local government officials are likely to select politically connected companies to go public. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：814 / 833

页数：20

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