基于并购视角的IPO动因实证研究
An Empirical Study of IPO Motivation: A Perspective of Mergers and Acquisition

以2004—2010年沪深A股上市公司为研究样本，追踪企业IPO（首次公开募股，Initial Public Offerings，简称IPO）后5年，考察并购行为是否为企业进行IPO的重要动因之一。结果表明：现金对价方式的并购支出与IPO初始资金筹集量显著正相关，与SEO资金筹集量显著正相关；股票对价方式的并购支出与IPO抑价显著正相关，与Jensen指数显著正相关；并购总支出与IPO成本显著正相关，与企业债务资本筹集量显著正相关，与发行价格调整正相关但不显著。
We select all listed companies of Shanghai and Shenzhen A shares from 2004 2010 as a research sample，tracking for five years after IPO，then study whether the behavior of IPO is driven by the behavior of acquisition.The results show：Cash M & A expenditure is positively correlated with the amount of IPO initial fund raising and the amount of SEO.M & A expenditure in stock price is positively correlated with IPO underpricing and Jensen index.Total amount of M & A is positively correlated with the IPO cost and debt capital，but not significantly related to the offer price revision.