期刊论文

Opening of HSR, Geographical Location and the Governance Effect of PE

中文

经济地理

1000-8462

2021

41

3

144-151

10.15957/j.cnki.jjdl.2021.03.015

湖南省哲学社会科学基金项目（18YBA461）； 湖南省教育厅科学重点研究项目（18A165）；

本校为其他机构

地理分割的存在,使私募股权投资难于参与被投资企业的经营与管理之中,抑制了其对IPO抑价的治理效果。而高铁开通压缩了时空距离,将有助于改善地理位置对私募股权投资的抑制,更好发挥对企业和市场的治理效果。文章以2008—2018年中小上市企业为研究对象,通过手工收集、整理私募股权投资和高铁开通数据,并基于新经济地理学视角,首先从全样本验证了私募股权投资对IPO抑价的积极治理效果。然后,探索了地理位置对私募股权投资治理效果的影响,发现私募股权投资仅能改善东部地区IPO抑价,但在中部和西部地区不能发挥对IPO抑价的治理作用。再以企业所在城市高铁开通为准自然实验,发现在中部和西部地区高铁...

The existence of geographical segmentation makes it difficult for private equity investment to participate in the operation and management of the invested enterprises, and restrains the governance effect of private equity on the underpricing of initial public offering(IPO). The opening of high speed rail(HSR) can reduce the space-time distance, which is helpful to alleviate the inhibition of geographical location on private equity investment. This paper takes the small and medium-sized board listed companies in 2008-2018 as the research samples, collects and collates the data of private equity...