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IPO,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。
In this paper, we aim at discussing the effect of the IPO event to other listed companies within the same corporate classes and to the overall value of group when they take different strategies in China. A total of 104 corporate classes composed by 299 listed companies were selected as samples from SSE and SZSE at the end of 2012. Using the event study methodology and panel data regression model, this paper finds that spillover effects to other listed companies within the corporate class emerged when one company IPO occurred. Furthermore, different strategy which adopted by different corporate classes at the time of IPO affects firm value, namely, 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 property. Moreover, firm value is also affected by financial leverage.
出处
《证券市场导报》
CSSCI
北大核心
2014年第6期19-25,共7页
Securities Market Herald
关键词
IPO
经营战略
溢出效应
系族
企业价值
IPO, business strategy, spillover effect, corporate class, corporate value
