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《Journal of Guizhou University of Finance and Economics》 2014-01
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Do University- based Firms Have a Better IPO Performance

HUANG Shun-wu;CHANG Wang;HU Gui-ping;School of Economics,HeFei University of Technology;  
This paper utilizes samples of university-based firms and non-university-based firms from A share market,employs empirical method to testify whether university-based firms have a better IPO performance. It turns out that university-based firms have a notable advantage in innovation factor,and most of which have higher IPO prices; however,university-based firms exhibit no better or even worse performance than independent firms; innovation advantage have no positive impact on the IPO performance. The deficiency of institutional arrangement is largely responsible for it.
【Fund】: 中央高校基本科研业务费专项基金项目“规制、投机与IPO抑价”(2012HGXJ0083);; 安徽省软科学重点项目“安徽省上市公司融资结构与经营绩效研究”(11020503064)阶段性成果
【CateGory Index】: G649.2;F832.51;F224
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