Listing Way、shareholding Structure And Market Reaction

Generally speaking,there are two types of listings:IPO and Back-door listing.The nature of the shareholder,shareholder’s shareholding ratio,institutional environment and the conditions of the company itself will affect the influence the listing way decision.The character of shareholders will influence the pre-IPO company’s choice of listed way. Because of different shareholders have different value orientation, holding motives, lead to the different interests,shows different behavior characteristics,which affect the company’s decision making.When choosing listed way to economic man’s point of view, they tend to choose more beneficial to their decision.As some VC institutions in order to exit timely after a certain amount of revenues will choose a better exit mechanism such as IPO,and some of the non-financial shareholders for the company long-term development,will choose the listed way which they think can conducive to the future performance of the listed company.Different nature of the shareholders in proportion of listed companies will affect investors on the company’s judgment.Financial shareholders due to the more familiar with the operation of market,investors are sometimes considered to be an indicator of the market,it’s easy to have a copycat phenomenon of investment.So this article wants to analgze whether the nature of shareholders will influence the decision of listed ways,and what about the market reaction after the listing.This article takes 2014 listed companies as samples,by establishing a Logit model,regression analysis was carried out on the listed company,finally get the empirical result:(1)compared with non-financial shareholders,the financial shareholders for the purpose of capital gains,more likely to choose the form of IPO.(2)Different financial shareholders have different preference,venture investment institution more inclined to choose IPO.(3)The investors more optimistic about IPO for the excellent pre-market performance.(4)Financial shareholder participation will affect investors for the judgment of the listed companies,there is apositive correlativity between financial shareholder’s stake and investor sentiment.This article embarks from the nature of the shareholders to discuss related issues,enrich the research of the influence of equity structure to listed methods and market.Explains the reason of different shareholders affect corporate decisions, discovered ythe different influence on investor sentiment,provides theory basis for the related decision of pre-IPO companies.