IPO Boom, Neighbour's Gloom: The Hidden Costs of IPOs on Local Private SMEs
研究利用中国监管机构意外暂停IPO的事件，发现IPO活动会通过抢夺客户、资金和劳动力，降低当地私营中小企业的资产回报率，且这种负面效应在竞争激烈时更强。
ABSTRACT Using IPO suspensions unexpectedly adopted by Chinese regulators, we examine the impact of IPO activities on the performance of local private SMEs. SMEs in regions affected by IPO activities experience reduced ROA compared to those in unaffected regions, indicating a grabbing effect of local IPO activities. Channel tests reveal that IPO firms grab customers, financial capital, and labour from local SMEs. This effect is stronger when SMEs rely heavily on financial or human capital, when IPO firms hold stronger relative power, and when competition is intense. Our findings remind regulators of the unexpected negative externalities of local IPO activities.