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Volume 35 Issue 1
Jan.  2021
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Article Navigation >  Accounting and Economic Research  > 2021  >  35(1): 23-42
Li Qingyuan, Shi Ke. 2021. IPO Fund-Raising Regulatory System Changes and Alternation of Investment Project: Based on the Empirical Data from 1996 to 2017. Accounting and Economic Research, 35(1): 23-42.
Citation: Li Qingyuan, Shi Ke. 2021. IPO Fund-Raising Regulatory System Changes and Alternation of Investment Project: Based on the Empirical Data from 1996 to 2017. Accounting and Economic Research, 35(1): 23-42.
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IPO Fund-Raising Regulatory System Changes and Alternation of Investment Project: Based on the Empirical Data from 1996 to 2017

  • 1.

    Economics and Management School of Wuhan University, Wuhan Hubei 430072, China

  • 2.

    School of Business, Sun Yat-sen University, Guangzhou Guangdong 510275, China

  • Received Date: 2020-04-10
  • Publish Date: 2021-01-25
    Abstract
  • This paper takes 2401 A-share companies listed from 1996 to 2017 as research objects, systematically describes the investment projects and changes in the direction of IPO raised funds in combination with the changes of regulatory system, and further tests whether the regulatory system can effectively inhibit the changes in the direction of IPO proceeds. The results of descriptive statistics show that under the dynamic institutional background, changes in the use of proceeds presents periodical characteristics. Empirical results show that the regulatory system can effectively restrain the changing behavior. Moreover, in state-owned enterprises and in the regions with poorer institutional environment, the regulatory system has a stronger inhibitory effect on the changing behavior. Further results find that the implementation of the regulatory system can reduce the negative impact of fund-raising changes on firm performance.

     

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