The Disappearing IPO Puzzle and the Shift Toward Acquisitions: New Insights from Proprietary U.S. Census Data on Private Firms
利用美国人口普查局私有企业专有数据，研究了2000年后IPO数量锐减、企业更多选择被收购的现象，发现独立上市公司对产品市场竞争更敏感以及私有企业获得更多私募融资是主要原因。
Abstract The IPO volume in the US significantly decreased after 2000, as more entrepreneurial firms exited through acquisitions rather than IPOs. Using proprietary U.S. Census data on private firms, we examine several new hypotheses to explain these phenomena. Our results support explanations based on standalone public firms’ greater sensitivity to product market competition as well as private firms’ obtaining access to more abundant PE financing in the post2000 era. In contrast, we do not find evidence consistent with an eroded private firm base after 2000 or with the economies of scope explanation that mainly focuses on firm size.