Merger‐Motivated IPOs
研究发现超过三分之一的新上市公司在IPO后三年内成为收购方，IPO通过提供现金、后续融资渠道和可交易股票等方式促进并购活动。
In this paper, we find support for initial public offerings (IPOs) motivated by subsequent acquisition activity. Over a third of newly public firms enter the market for corporate control as acquirers within three years of the IPO. We find that IPOs facilitate acquisitions in a number of ways. Newly public firms benefit from the cash raised in the IPO, from subsequent access to public financing, and from ability to pay with publicly traded stock for acquisitions. IPO firms also benefit by obtaining market feedback and by taking advantage of high post‐IPO stock values in making stock‐based acquisitions at favorable terms.