報告題目： IPO的地區溢出效應：基于對非上市中小企業的研究

報告時間：10月31日（周四）15：00

報告地點：旭日樓310

報告人： 林慧

報告人簡介：

林慧，廈門大學管理學院博士研究生，研究方向為公司财務與資本市場，曾在《經濟研究》《經濟學（季刊）》（The British Accounting Review》等刊物發表論文，對IPO、公司稅務、信息披露等領域有所探究。

報告簡介：

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.