Family Involvement, Governmental Connections, and IPO Underpricing of SMEs in China
基于制度理论，研究中国中小企业板577家制造业企业10年数据，发现家族企业IPO抑价低于非家族企业，且家族成员政治关联强化了这种负向关系，而国有股权则削弱了该关系。
This study draws on institutional theory to explore the relationship between family involvement, governmental connections, and initial public offering (IPO) underpricing in China. We explore these relationships using a sample of 577 manufacturing firms listed on the small and medium enterprises board of the Shenzhen Stock Exchange over a 10-year period (2004-2014). In contrast with previous literature, we found that Chinese family firms tend to exhibit less IPO underpricing than nonfamily firms. In addition, we found family members’ political ties enhance the negative relationship between family involvement and IPO underpricing. In contrast, state ownership mitigates the above relationship.