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The Influence Of Local Government Support Policies On The Behavior Of Enterprises IPO

Posted on:2019-12-09Degree:MasterType:Thesis
Country:ChinaCandidate:M LuoFull Text:PDF
GTID:2429330545965474Subject:Finance
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After nearly 30 years of development,China's security market gradually matured.Along with this process,the financing structure of enterprises is changing quietly,from completely indirect financing gradual development to direct financing.IPO,as one of the important means of direct financing,has been selected by more and more high-quality enterprises.For enterprises,it is efficient and convenient to obtain development funds through IPO,and it can also rapidly expand the scale and enhance the competitiveness through mergers and acquisitions.For local government,IPO also has an important positive influence on promoting local economic and social development.Since IPO to enterprises is a system engineering,it is necessary for local government to provide services in the process of IPO.Therefore,the support of local governments is of great significance to enterprises through their IPO.In this paper,I analyze the motivation of local government from three aspects: the relationship between the local government,local government officials assessing system and the functions of local government.Then,do a summary of the local governments' supporting policies to enterprise's IPO.The local government support policies mainly summarized as: First,perfect the organization of relevant departments,including strengthening local financial regulatory responsibilities,establishing working groups,etc.;The second is to establish a sound work system.Including the establishment of a joint conference system,the implementation of "one enterprise,one policy","one case,one discussion" work system and so on;Third,formulate specific support measures,such as the tax preferential policies,the land policies,awards or subsidies,government funds input,etc.;Fourth,optimize the service environment,speed up the approval process,simplify the approval process and so on.After that,this paper takes Jiangxi province as an example to analyze the influence of local government support policies on IPO.First,combed Jiangxi province's support policies since 2011 to 2017;second,analyzes the reason from the economic development,industrial structure adjustment and regional development.By comparing the proportion of Jiangxi,Hunan,Anhui new increased IPO company number with the country's total level from 2011 to 2017,whether eliminate the effects of systemic factors,and comparing the number of new IPO companies in Jiangxi province with the time of support policies promulgated,it is concluded that supporting policies andenterprises IPO behavior in Jiangxi province has a positive correlation,and financial subsidies has a much greater incentive effects than the guidance policy.Through this situation,the reasons and the emerging problems are analyzed.First,the support measures for extensive and in-depth publicity and training by municipal and county governments are not enough.Second,the support policy in city limits is not enough,and it is difficult to fully stimulate the city's initiative.Third,to launch the provincial listed companies to stimulate the planning IPO enterprises is insufficient.Fourth,guide market intermediaries support is inadequate.In the face of these problems,Jiangxi government should enhance the cultivation of enterprises,innovate training methods,play an institutional role,optimize the financial environment and stimulate regional vitality,etc.,jointly creating the good IPO atmosphere in the province,help entrepreneurs to change the development ideas,understand the capital market,and awareness the significance of IPO.
Keywords/Search Tags:IPO, local government, government support
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