The Study On Time-consuming Of IPO And Alteration Of Financing Capital

IPO is an important channel for corporate finance.Especially in China,financial development is not as developed as that in Europe and the United States,and bank funds are mostly biased towards large state-owned enterprises.For some non-state-owned enterprises,IPO is the most important source for companies to raise funds from outside.However China's financial market has a strong color of government intervention.Unlike European and American countries,IPO audit is not only a formal compliance audit,but also a review of corporate quality,which results in a long time-consuming process.Besides,the fund-raising system is project-based,and each construction project must be approved by the local government or the central government.The entire IPO process usually takes two to three years.Although the IPO progress has been accelerated in recent years,time is still long compared with European and American countries,in which the IPO progress only lasts several months.For enterprises,time is money,investment opportunities are fleeting away as time's consuming.The more time IPO process take,the more likely investment opportunities being wasted.When companies actually get raised funds,investment opportunities may no longer exist.At this time,raised funds will be changed to new projects or be idled.This paper takes IPO time-consuming as entry point to explore whether the investment behavior before the IPO is affected by the IPO process time,and then affects the use of fund-raising funds.And explore whether the IPO process time impact the long-term profitability and growth of the company after listing.The full text is mainly divided into seven parts to elaborate:The first part is the introduction.This part mainly expounds the research background,research significance,research content,research methods and innovations of this paper.The second part is a literature review.This part mainly sorts out the current research from the three aspects of the influencing factors and consequences of IPO time-consumption and the influencing factors of the change of raised funds,and reviews it on this basis.The third part is the theoretical analysis and hypothesis.This part mainly analyzes why the IPO time-consuming affects the change and idleness of the raised funds,and on this basis,puts forward the research hypothesis of this paper.The fourth part is the research design.This section mainly introduces the empirical model,variable definition,sample selection and data sources of this paper.The fifth part is the empirical results and analysis.This part first introduces the descriptive statistics of this paper;secondly,the empirical results regressed from the empirical model are listed in detail,then the empirical results are analyzed in detail;The sixth part is for further analysis and robustness testing.For further analysis,the two aspects are tested.Firstly,the mediating effect of the pre-IPO investment level is tested,and then analyze whether the IPO consumption time affects the profitability and growth of the enterprise.For the robustness test,using IPO suspend event study to alleviate the impact of endogenous problems on the results of this paper.In addition,different variables were replaced for mediation effect testing.The last part is the research conclusions,policy recommendations and shortcomings.This part mainly summarizes the research conclusions of this paper,puts forward corresponding policy recommendations and points out the shortcomings of this paper.The research in this paper enriches the existing academic literature on the factors affecting the change of corporate fundraising,which has important theoretical significance.In addition to the theoretical significance,the conclusions of this paper can make the regulators aware that improving the efficiency of IPO audits and reducing the process of IPOs are of great significance to the enterprises.The conclusions of this paper also have important implications for policy implications:The state should reform the IPO review system as soon as possible.The government should not grasp all rights.It should decentralize its rights,put some rights down to the exchange,simplify the review process,and speed up the IPO review.