控股股东声誉资本、大股东联盟与股东资源效应——基于创业板IPO前后的经验证据

Controlling Shareholder's Reputation Capital, Large Shareholders' Alliance and the Effect of Shareholder Resources:Evidence from IPO in China's Growth Enterprise Market

中文关键词:  控股股东  声誉资本  大股东联盟  股东资源  混合所有制改革

英文关键词:controlling shareholders  reputation capital  large shareholders' alliance  shareholder resources  mixed ownership reform

中文摘要:

      作为公司资源的核心提供者和公司治理的重要参与者,大股东联盟对整个公司发起、运营和管理等均具有重要作用。基于股东资源观,以声誉资本为切入点,以创业板公司IPO前后事件为考察场景,利用2009—2016年创业板IPO样本上市前3年至2020年相关数据,实证检验了大股东联盟作为股东资源的核心提供者在中国公司中的作用。研究发现:(1)在IPO前的发起设立环节,控股股东声誉资本越强,吸附其他发起人异质性资源的概率越大,即大股东联盟的资源效应越强；(2)在IPO过程中,大股东联盟的资源效应越强,IPO抑价越低、长期市场表现越好；(3)在IPO之后,控股股东声誉资本越强,大股东联盟的合作持续性越强。研究表明,控股股东在IPO场景中的积极作用体现为对其他股东资源的强大吸附能力和大股东联盟合作的稳定性,这些作用均对公司治理产生了深远影响。因此,在发起设立和定向增发阶段,或者具体到国企“混改”情景,公司选择潜在外部股东时应以股东资源的异质互补、大股东联盟的治理协同、未来发展的价值可期为根本,实现公司价值创造。

英文摘要:

      Large shareholders' alliance, as the core provider of corporate resources and an important participant in corporate governance, plays a significant role in a firm's initiation, operation and management. Based on the logical framework of shareholder resources, this paper takes reputation capital as the entry point and events around the initial public offerings (IPO) in China's Growth Enterprise Market (GEM) as the examination scenarios. On this basis, we explore the role of large shareholders' alliance as a core provider of shareholder resources in Chinese firms using data related to 2009—2016 GEM IPO samples from three years before going public to 2020. Our findings are as follows. (1) Before the IPO, the higher the controlling shareholder's reputation capital is, the greater the probability of attracting industrial investors in the large shareholders' alliance is (namely, the resource effect of large shareholders' alliance becomes stronger). (2) In the process of IPO, large shareholders' alliance can reduce IPO underpricing and improve stock return in long window. (3) After the IPO, the higher the controlling shareholder's reputation capital is, the stronger the sustainability of large shareholders' alliance is. The above conclusions show that the positive role of controlling shareholders in the IPO scene is reflected in the strong adsorption capacity of other shareholder resources and the cooperative stability of the large shareholders' alliance, which have a far-reaching impact on corporate governance. Therefore, in the initiation and establishment stage, the targeted issuance stage, or mixed ownership reform of state-owned firms, a firm should select potential external shareholders based on the heterogeneous complementarity of shareholder resources, the governance synergy of large shareholders' alliance, and the value of future development in order to achieve corporate value creation.