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2010•Journal of Hubei University of EconomicsRequires access

IPO Costs in China A-share market: Comparison of State-owned Listed Companies and Non-state-owned Listed Companies

Liu Xin-hong

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Abstract

Based on China's market-oriented reforms of stock issuing and listing system,state-owned enterprises have the difference with non state-owned enterprises in IPO issuance cost characteristics.State-owned enterprises have more financing power than non-state-owned enterprises.Anyway indirect costs impact non-state-owned listed companies less.Sample data confirm that IPO issuance costs recipient in issue size,profit targets,investors of non-rational behavior and price-setting mechanism.Besides,there is evidence that state-owned listed companies are under the influence of accumulated bidding inquiry system and inquiry distribution methods.

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What this paper is about

Based on China's market-oriented reforms of stock issuing and listing system,state-owned enterprises have the difference with non state-owned enterprises in IPO issuance cost characteristics.State-owned enterprises have more financing power than non-state-owned enterprises.Anyway indirect costs impact non-state-owned listed companies less.Sample data confirm that IPO issuance costs recipient in issue size,profit targets,investors of non-rational behavior and price-setting mechanism.Besides,there is evidence that state-owned listed companies are under the influence of accumulated bidding inquiry system and inquiry distribution methods.

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Available abstract

Based on China's market-oriented reforms of stock issuing and listing system,state-owned enterprises have the difference with non state-owned enterprises in IPO issuance cost characteristics.State-owned enterprises have more financing power than non-state-owned enterprises.Anyway indirect costs impact non-state-owned listed companies less.Sample data confirm that IPO issuance costs recipient in issue size,profit targets,investors of non-rational behavior and price-setting mechanism.Besides,there is evidence that state-owned listed companies are under the influence of accumulated bidding inquiry system and inquiry distribution methods.

Key concepts: Business, Initial public offering, Bidding, State owned, Listing (finance), China, Finance, Profit (economics)

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IPO Costs in China A-share market: Comparison of State-owned Listed Companies and Non-state-owned Listed Companies — Research Paper | ScholarLens