Political Connection,Marketization Degree And IPO Corporate Performance Change Face

As an important means of financing the capital market,IPO can help companies gain more capital and promot.e economic development.However,since the application of the first company in China,the phenomenon of the company s performance after the IPO has been endless.Especially on the GEM,as an important part of China's high-tech and high-growth enterprises,should improve the financing difficulties of SMEs,provide financing channels for high-tech enterprises,and promote the development of high-tech enterprises,but Frequently appearing companies' face-changing performancce before and after the IPO has hit investors confidence and intensified market turmoil,which has affected the allocation efficiency of the capital market.Due to China's special"commissioning committee" system and such a background in the market reform,the government has an important influence on the production and operation of enterprises and the listing of enterprises.Political relations as a long-term informal connection,before and after the enterprise IPO It will play a role,so it is necessary to study the "political connection" between the enterprise and the government.Secondly,due to the vast territory of China,in the process of market-oriented reform,the phenomenon of uneven development between regions is becoming more and more prominent.The degree of marketization is a comprehensive melasulre of the external environment of enterprises,which will inevitably affect the business activilties of enterprises.Therefore,it is undoubtedly of great significance to study the relationship between political connection,marketization and IPO corporate performance.This paper takes the 2011-2015 GEM and small and medium-sized IPO private enterprises as a sample,and on the basis of reviewing the existing literature,combined with its own analysis,it studies the political connection and marketization degree from t.he internal and external perspectives of the enterprise IPO.The impact of performance changes on the face,and further study of the degree of marketization in the political relationship and IPO corporate performance in the face of the adjustment role.The study found that in China's private enterprises,political connection is a common phenomenon,and the phenomenon of politically related enterprises' face-changing after IPO is more serious.In areas with high degree of marketization,the phenomenon of IPO corporate performance has been alleviated,and In areas with high marketization,the negative impact of political connections on the performance of IPO companies has been weakened.The biggest innovation of this paper is to study the performance of IPO companies from the perspective of both inside and outside the listed companies,and the innovative nature of the impact of the IPO business performance from the external perspective of "marketization degree".This paper expands the research on the performance of IPO enterprises and provides a certain theoretical basis for China to continue to deepen reform.