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Factores determinantes de la salida a bolsa en España

  • Joaquín Farinos

    (Universitat de València)

  • Vicente Sanchis

    (Universitat de València)

Registered author(s):

    Though the going public decision has been addressed by several theories, empirical research is particularly scarce to European countries. This is the first research in the Spanish market that investigates ex ante and ex post characteristics of IPO firms, using a large database of private held firms that potentially may go public. Some of our results are consistent with previous studies. Our evidence suggests that firms that go public are young firms with large capital expenditures previously to the IPO. However, a firm's need to finance activity is not the main motive to go public, but to achieve the proper conditions to rebalance firm's economic and financial structure. Our results are consistent with the portfolio rebalancing motive and the hypothesis of windows of opportunity to go public. Aunque la decisión de salir a bolsa ha sido abordada desde diferentes teorías, la investigación empírica sobre esta cuestión es escasa en los mercados de la Europa continental. En España éste es el primer trabajo que realiza una investigación tanto ex ante como ex post de esta decisión empleando para ello una amplia base de datos de empresas que potencialmente podrían salir a bolsa mediante una oferta pública de títulos (OPI). Nuestros resultados son, en parte, consistentes con la evidencia obtenida en otros países de nuestro entorno. La evidencia que obtenemos sugiere que las empresas que deciden salir a bolsa son empresas jóvenes que han realizado una intensa inversión en activo fijo previamente a la OPI y que no buscarían con su salida a bolsa la obtención directa de recursos para financiar su actividad sino, por el contrario, propiciar las condiciones para poder reequilibrar su estructura económica y financiera. Nuestra evidencia empírica está de acuerdo con los motivos de reequilibrar la cartera de los propietarios y la hipótesis de las ventanas de oportunidad.

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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2009-03.pdf
    File Function: Fisrt version / Primera version, 2009
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    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2009-03.

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    Length: 64 pages
    Date of creation: Mar 2009
    Date of revision:
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2009-03
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