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Corporate evolution following initial public offerings in China: A life-course approach

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  • Liu, Jia
  • Lister, Roger
  • Pang, Dong

Abstract

We study the determinants of firms’ post-IPO trajectory in terms of three outcomes: delisting; acquisition with change of corporate control; and acquisition without such change. Our risk assessment models examine some historical and some current information. Variables cover the perspectives of the issue itself, the issuer, investors, the industry and corporate control, the last being of particular interest in a mixed economy such as China. We find that delisting is predominantly influenced by issue-specific information, by the issuer's financial status leading up to the eventual outcome, and by corporate ownership and governance structure. Acquisition with and without change of control differs most significantly according to industry features, ultimate state ownership, divergence of cash flow rights and control rights, and the extent of board independence. Centrally we find that the trajectory is shaped by corporate control considerations. We conclude that the after-market outcomes are mixed consequences of market selection and government control.

Suggested Citation

  • Liu, Jia & Lister, Roger & Pang, Dong, 2013. "Corporate evolution following initial public offerings in China: A life-course approach," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 1-20.
    • Handle: RePEc:eee:finana:v:27:y:2013:i:c:p:1-20
    DOI: 10.1016/j.irfa.2012.11.003
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    More about this item

    Keywords

    IPO; Delisting and acquisition; Corporate control and governance; Hazard function; China;
    All these keywords.

    JEL classification:

    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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