Research On The Impact Of Internationalizaton On IPO Performance

Now in 2018,the reform and opening-up policy has been pressing ahead with for 40 years.And three years have passed since the official launch of the ‘One Belt and One Road' cooperation initiative in 2015.Opening the door to the outside world has brought about the rapid development of China's overall economy.‘Economic globalization' is no longer a new word any more.All walks of life are rushing to conform to the trend of The Times,actively expanding business channels and expanding their target markets overseas.Enterprise internationalization has also become one of the focuses in the field of domestic financial research these years.Throughout the research on internationalization by scholars in western developed countries,the impact of enterprise internationalization on IPO performance has been widely concerned,and there are abundant achievements.However,few scholars in China have discussed this issue,but only made in-depth analysis about the impact of enterprise internationalization on enterprise performance.Therefore,this paper starts from the impact of enterprise internationalization on IPO performance and tries to verify the differences of foreign research results in our Chinese market.In this paper,527 newly listed companies of a-shares in Shanghai and Shenzhen stock markets were used as research samples,and ordinary least square(OLS)was used to perform regression analysis on sample data to verify the impact of enterprise internationalization on IPO performance in the Chinese market.This article obtains from the short-term IPO performance.First,to explore whether enterprise internationalization has obvious effect to its IPO short-term performance and to analyze whether the impact of different internationalization level on IPO short-term performance is different.Then it is further analyzed that the influence of enterprise internationalization of IPO short-term performance will be affected by the industry factors.After analyzing the short-term results,we will focus on the long-term performance of IPOs,and verify whether the impact of enterprise internationalization on the long-term performance of IPO is consistent with the short-term research results.The research results of this paper show that the internationalization of China's listed companies has a negative impact on the IPO short-term performance,and there is significant difference in the impact of different degrees of internationalization on the IPO short-term performance.In addition,Fama-French three-factor model was used to discuss the IPO long-term performance level,and the results showed that during half of a year,the internationalization background had significant impacts on the IPO long-term performance.