Whether IPO or Non IPO Determine The Performance of Private Listed Companies In China
We analyze the performance between IPO and non IPO private listed companies in A-share market in China. Using WLS regression analysis and factor analysis, we find that IPO private listed companies perform better than non IPO ones on solvency, profitability, cash flow and business development capacity. However, the non IPO listed companies reflect their advantages on the asset management capability. Furthermore, we rely on Stewardship Theory and Agency Theory to explain how the different performance happened and find that Stewardship Theory guides the governance strategies in IPO firms, while Agency Theory guides those in non IPO firms. Based on the findings, the article presents some recommendations.
private listed companies ipo stewardship theory agency theory performance
Jin Duan Qing Xu Lili Yu Yuan Liang
College of Finance and Statistics, Hunan University, Changsha,410079, China
国际会议
成都
英文
547-551
2010-07-09（万方平台首次上网日期，不代表论文的发表时间）