创业企业海外IPO研究综述、未来展望及实践启示
外国经济与管理 2015 年 第 37 卷第 06 期, 页码:
摘要
参考文献
摘要
全球资本市场的日益融合推动越来越多的创业企业到海外融资,IPO是其中一种重要的形式。本文围绕创业企业海外IPO的动因、目的地选择以及市场表现,对相关文献进行了梳理。研究表明:创业企业的新技术或商业模式能获得海外资本市场认可是一个重要动因,创业企业的规模、高管团队的海外经验、海外风投机构的介入、企业的海外经营等也是海外IPO的促进因素;目的地选择既要显示出企业治理规范又要与东道国治理偏好匹配;市场表现方面,总体而言,海外IPO企业首日抑价程度大,长期累积涨幅高于境内IPO企业。此外,创业企业个体间差异对市场表现的影响也是近年来研究的热点。文章最后探讨了创业企业海外IPO进一步的研究主题和方向以及对中国创业企业的实践启示。
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[2]Aldrich H E and Fiol C M. Fools rush in? The institutional context of industry creation[J]. Academy of management review,1994,19(4): 645-670.
[3]Baum J A C and Oliver C. Institutional embeddedness and the dynamics of organizational populations[J]. American Sociological Review,1992: 540-559.
[4]Bell G,et al. Corporate governance and investors' perceptions of foreign IPO value: An institutional perspective[J]. Academy of Management Journal,2014,57(1): 301-320.
[5]Bell R G,et al. Country of origin and foreign IPO legitimacy: Understanding the role of geographic scope and insider ownership[J]. Entrepreneurship Theory and Practice,2008,32(1): 185-202.
[6]Blass A and Yafeh Y. Vagabond shoes longing to stray: Why foreign firms list in the United States[J]. Journal of Banking & Finance,2001,25(3): 555-572.
[7]Bruner R,et al. USbound IPOs:Issue costs and selective entry[J]. Financial Management,2004: 39-60.
[8]Bruton G D,et al. Founders,private equity investors,and underpricing in entrepreneurial IPOs[J]. Entrepreneurship Theory and Practice,2009,33(4): 909-928.
[9]Bruton G D,et al. Institutional theory and entrepreneurship: Where are we now and where do we need to move in the future? [J]. Entrepreneurship theory and practice,2010,34(3): 421-440.
[10]Certo S T,et al. Wealth and the effects of founder management among IPOstage new ventures[J]. Strategic Management Journal,2001,22(6): 641-658.
[11]Certo S T,et al. IPO research in management and entrepreneurship: Moving the agenda forward[J]. Journal of Management,2009,35(6): 1340-1378.
[12]Deeds D L,et al. The influence of firms’ and industries’ legitimacy on the flow of capital into hightechnology ventures[J]. Strategic Organization,2004,2(1): 9-34.
[13]Fischer H M and Pollock T G. Effects of social capital and power on surviving transformational change: The case of initial public offerings[J]. Academy of Management Journal,2004,47(4): 463-481.
[14]Frieder L and Subrahmanyam A. Brand perceptions and the market for common stock[J]. Journal of financial and Quantitative Analysis,2005,40(01): 57-85.
[15]He L. Do founders matter? A study of executive compensation,governance structure and firm performance[J]. Journal of Business Venturing,2008,23(3): 257-279.
[16]Hofstede G. Cultures and organizations [M]. London: McGrawHill,1991.
[17]Hsu D H. What do entrepreneurs pay for venture capital affiliation?[J]. The Journal of Finance,2004,59(4): 1805-1844.
[18]Hursti J and Maula M V J. Acquiring financial resources from foreign equity capital markets: An examination of factors influencing foreign initial public offerings[J]. Journal of Business Venturing,2007,22(6): 833-851.
[19]Kroll M,et al. The impact of board composition and top management team ownership structure on postIPO performance in young entrepreneurial firms[J]. Academy of Management Journal,2007,50(5): 1198-1216.
[20]Kynaston D. The city of London: A club no more,1945-2000[M]. Random House,2002.
[21]Liu S,et al. Why US firms delist from the Tokyo stock exchange: An empirical analysis[J]. International Review of Economics & Finance,2012,24: 62-70.
[22]Moore C B,et al. Institutions and foreign IPO firms: The effects of “home” and “host” country institutions on performance[J]. Entrepreneurship Theory and Practice,2010,34(3): 469-490.
[23]Moore C B,et al. Foreign IPO capital market choice: Understanding the institutional fit of corporate governance[J]. Strategic Management Journal,2012,33(8): 914-937.
[24]Pagano M,et al. The geography of equity listing: Why do companies list abroad?[J]. The Journal of Finance,2002,57(6): 2651-2694.
[25]Peng M W and Luo Y. Managerial ties and firm performance in a transition economy: The nature of a micromacro link[J]. Academy of management journal,2000,43(3): 486-501.
[26]Ravasi D and Marchisio G. Going public and the enrichment of a supportive network[J]. Small Business Economics,2003,21(4): 381-395.
[27]Reuber A R and Fischer E. The influence of the management team’s international experience on the internationalization behaviors of SMEs[J]. Journal of International Business Studies,1997: 807-825.
[28]Scott W R. Institutions and organizations. Foundations for organizational science[M]. London: A Sage Publication Series,1995.
[29]Stuart T E,et al. Interorganizational endorsements and the performance of entrepreneurial ventures[J]. Administrative science quarterly,1999,44(2): 315-349.
[30]Stulz R M. Golbalization,corporate finance,and the cost of capital[J]. Journal of applied corporate finance,1999,12(3): 8-25.
[31]Subrahmanyam A and Titman S. The goingpublic decision and the development of financial markets[J]. The Journal of Finance,1999,54(3): 1045-1082.
[32]Tihanyi L,et al. Composition of the top management team and firm international diversification[J]. Journal of Management,2000,26(6): 1157-1177.
[33]Tihanyi L,et al. The effect of cultural distance on entry mode choice,international diversification,and MNE performance: A metaanalysis [J]. Journal of International Business Studies,2005,36(3): 270-283.
[34]Wright M,et al. International venture capital research: From crosscountry comparisons to crossing borders[J]. International Journal of Management Reviews,2005,7(3): 135-165.
[35]唐福勇. 全球IPO活跃度大增[N]. 中国经济时报,2014-12-09003.
[36]唐鹏程,朱方明. 创业机会的发现与创造——两种创业行为理论比较分析[J]. 外国经济与管理,2009,05:15-22.
[37]余晓东,秦玲. 信息不对称性与创业资本的核心能力分析[J]. 外国经济与管理,2001,12:8-12.
[38]张玉洁. 海外中概股主动退市不罕见[N]. 中国证券报,2014-07-07A03.
引用本文
陈炳亮, 王彩虹, 湛 军. 创业企业海外IPO研究综述、未来展望及实践启示[J]. 外国经济与管理, 2015, 37(6): 0.
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