Where Have All the IPOs Gone? Trade Liberalization and the Changing Nature of U.S. Public Corporations
研究发现，增加对华贸易的关税政策变化导致美国上市公司数量减少、行业集中度上升，小型制造商受冲击而大型跨国企业未受明显影响，表明全球竞争格局变化部分解释了美国公开股权市场的近期趋势。
Abstract I show that a tariff policy change that increased trade with China led to a decline in U.S. public listing rates and elevated industry concentration. Consistent with heterogeneous firm models of trade, the shock impeded the entry and performance of small domestic manufacturers but did not adversely impact large multinationals. In addition, stock price reactions to the tariff policy change and threat of reversal imply that trade liberalization creates or destroys value depending on firm size. These findings suggest that recent trends in the U.S. public equity market are driven, in part, by fundamental changes in the global competitive landscape.