IPO对不同战略系族的溢出效应研究.pdf

理论综合 I IPO对不同战略系族的溢出效应研究 蒋屏于谦 (对外经济贸易大学国际商学院，北京 100029) 摘要:本文以我国系族上市公司为研究对象，分析采取不同战略的系族，其内部某一公司的IPO事件对该系族内其他上 市公司是否有溢出效应以及对系族整体价值有何影响。文章选取沪深两市截至2012年底的104个系族共计299家上市公 司为样本，运用事件研究法和面板数据回归，发现系族内的某一公司 1 PO ，对系族内其他成员有一定的溢出效应;再 进一步研究IPO 时系族采取的不同经营战略对系族整体价值的影响，得出多元化与横向一体化战略有利于系族整体价 值的提升， 而纵向一体化战略对系族价值的影响因产权而异。 关键词 IPO; 经营战略;溢出效应;系族;企业价值 Abstract: In this paper, we aim at discussing the effect of the IPO event to other listed companies within the same corporate c\asses and to the overall value of group when they take different strategies in China. A total of 104 co叩orate c\asses composed by 299 listed companies were selected as samples from SSE and SZSE at the end of2012. Using the event study methodology and panel data regression model , this paper finds that spillover effects to other listed companies within the corporate c\ass emerged when one company IPO occurred. Furthermore , di他rent strategy which adopted by different corporate c\asses at the time of IPO affects firm value , name\y, diversification and horizontal integration strategy benefit firm value. The evidence also shows that the impact of vertical integration strategy on firm value varies due to the prope町. Moreover, firm value is also affected by fìnancial leverage. Keywords: IPO , business strategy, spillover e仔ect， corporate c\ass , co叩orate value 作者简介:蒋屏，女，对外经济贸易大学国际商学院教授、博士生导师，研究方向:财务管理e 于谦，女，对外经济贸 易大学博士生，研究方向:资本市场。 中剧分类号: F275.5 文献标识码 A 内部资本市场(Internal Capital Market， ICM)满足系族整体 引言 融资需求(万良勇， 2006)[311 、提高资本配置效率(万良勇 等， 2006)[321 、满足系族内在的资本和