Econ Papers Daily / 工作论文
通过IPO市场实施的产业政策
Industrial Policy via the IPO Market
摘要
This paper studies how China uses access to public equity markets as an instrument of industrial policy. We find that policy-favored status, rather than industry Tobin's Q, predicts IPO activity, in contrast to the United States. The effect is economically large: our estimates imply that favored industries had 287% more IPOs and 148% higher IPO proceeds than non-favored industries over 2002 to 2022. We develop a framework to interpret these findings: the government shapes the number of listing opportunities available across industries, while market forces determine which firms obtain these opportunities based on firm fundamentals. Consistent with our framework, policy favor also predicts a valuation premium which persists after listing.
中文摘要
本文研究中国如何将进入公开股票市场作为产业政策工具。我们发现，与美国不同，政策扶持地位而非行业托宾Q值能够预测IPO活动。这一效应在经济上很大：我们的估计意味着，在2002年至2022年间，受扶持行业的IPO数量比非扶持行业多287%，IPO募资额高148%。我们构建了一个框架来解释这些发现：政府塑造各行业可获得的上市机会数量，而市场力量根据企业基本面决定哪些企业获得这些机会。与我们的框架一致，政策扶持还预测了上市后仍然存在的估值溢价。