From Public to Internal Capital Markets: The Effects of Affiliated IPOs on Group Firms
利用详细的企业所有权数据，研究了集团关联IPO对集团内其他未上市企业的影响，发现关联IPO导致这些企业杠杆率下降6%、就业增加18%，且对高杠杆、年轻和小型企业影响更显著，表明关联IPO通过内部资本市场缓解了融资约束并扩大了劳动力规模。
ABSTRACT Using detailed corporate ownership data, we document the effects of group‐affiliated initial public offerings (IPOs) on other (unlisted) firms in the group. We find evidence of a persistent decrease in leverage (−6%) and increase in employment (+18%). These effects are more pronounced for the more levered, younger and smaller firms within the group. We show that, as compared with stand‐alone IPOs, affiliated IPOs are less likely to be driven by the investment needs of the issuer. Altogether, this evidence is consistent with the hypothesis that affiliated IPOs feed the group's internal capital market, relaxing financial constraints and expanding the workforce in group firms.