政府管制变迁下+IPO资源配置效率的实证研究.pdfVIP

Vol No Journal of Dalian University of Technology Social Sciences Jul IP O Jeffery Wurgler IPO IPO IPO IPO IPO IPO F A X Research on Capital Allocation Efficiency of China IPO Market under Government Regulation Revolution NAN Xiaoli 1 Faculty of Management and Economics Dalian University of Technology Dalian 116024 China 2 PostDoctoral Research Station China Business Executives Academy Dalian 116086 China Abstract Based on Jeffrey Wurgler s capital allocation efficiency model w e measure the annual capital allocation effi ciency of China IPO market from to analyze the overall capital allocation efficiency in different IPO regula tion periods and examine the effect of state ow ned enterprises proportions and listed firm quality T he results show that the existence of government regulation has a negative effect on market capital allocation efficiency Furthermore in a year w ith more stateow ned enterprises and poor financial quality firms the negative effect betw een government regu lation and capital allocation efficiency become more severe It is suggested that in order to improve the capital allocation efficiency of China s IPO market measures should be taken to enhance the institutional reform of IPO marketization and promote the regulation of stateow ned enterprises Key words IPO institutional change overnment regulation capital allocation efficiency g IPO ini