Controlling Shareholder,IPO and Bank Loan Decisions——Based on Regional Financial Development
研究了中国区域金融发展水平和控股股东对上市公司首次公开募股后债务融资的影响，发现首次公开募股能降低信息不对称、向银行传递企业价值信号，尤其在欠发达地区效果更显著。
This paper investigates both the effect of regional financial development and the effect of controlling shareholder on the debt financing of listed firms after IPO in China.The research suggests that IPO becomes an important way for firms to reduce information asymmetry in the relative intersected credit market and signal its value to state controlled bank to get more loans,and the IPO signaling effect are more important in the underdeveloped region.It is found that listed firms,especially the private firms,in the under-developed region borrow more money after IPO.This research shows that IPO can signal the information of firm value,and can facilitate effective of credit resources,especially in under-development areas.