报告题目： IPO的地区溢出效应：基于对非上市中小企业的研究

报告时间：10月31日（周四）15：00

报告地点：旭日楼310

报告人： 林慧

报告人简介：

林慧，厦门大学管理学院博士研究生，研究方向为公司财务与资本市场，曾在《经济研究》《经济学（季刊）》（The British Accounting Review》等刊物发表论文，对IPO、公司税务、信息披露等领域有所探究。

报告简介：

Using IPO suspensions unexpectedly adopted by Chinese securities regulators, we investigate the effect of IPO activities on the performance of local private SMEs. We document that regions affected by IPO activities experience a reduced ROA after the IPO event compared to the unaffected regions, suggesting a grabbing effect from local IPO activities. Channel tests show that IPO companies are grabbing customers, financial capital and labor resources from their local peer SMEs. Furthermore, the grabbing effect of local IPO activities is more pronounced when SMEs heavily rely on financial or human capital, when the relative power of IPO firms over local SMEs is greater, and when the competition between IPO firms and local SMEs is intense. Our findings practically remind regulators of the unexpected negative externalities brought by local IPO activities.