IPO事件对地区创业活动的影响研究

《财经研究》 2022年48卷第5期 页码：125 - 139  online：2022年5月9日

IPO事件对地区创业活动的影响研究

Impact of IPO Events on Regional Entrepreneurship

作者（中）：张光利, 薛慧丽, 林嵩

作者（英）：Zhang Guangli, Xue Huili, Lin Song

作者单位：1.中央财经大学 商学院, 北京 100081

摘要：资本市场是促进实体经济发展的重要金融资源，IPO事件是连接资本市场和实体经济的纽带，对实体经济产生了重要影响。文章基于中国各地级市的工商企业注册数据，实证分析了IPO事件对地区创业活动的影响。研究发现：（1）IPO事件对地区创业活动具有显著的激励作用，能够显著提高地区创业活跃度以及平均创业规模，且IPO事件对创业活动的正向激励效应在控制内生性的前提下依然成立。（2）在调节效应的分析中，IPO事件对公司制企业的创业活动具有显著的促进作用，但对非公司制企业的创业活动具有抑制作用。（3）IPO事件在促进地区创业活动的过程中具有“产业拉动效应”和“产业集聚效应”，具体表现为IPO能够带动地区同行业企业的创业活跃度，提升IPO企业注册地周围2公里、10公里、20公里和30公里半径范围内的新企业成立数量在本地区的占比。（4）从企业创新能力角度来看，IPO事件对企业发展质量具有正面影响，IPO事件能够显著提高本地区企业申请专利的数量和申请专利的企业数量。总体而言，文章的研究证据表明中国资本市场发展对实体经济的发展速度和发展质量具有显著的正向溢出效应。

关键词：资本市场; IPO; 实体经济; 创业活动

Summary: The relationship between financial development and economic growth is one of the important topics discussed in economic studies. As a direct financing channel for the real economy, financial resources in the capital market are an important driving force for economic development. Economic development needs the continuous emergence and high-quality growth of new enterprises. Exploring the differences in regional entrepreneurship is an important perspective to explain regional economic vitality and the quality of economic development. Based on the registration data of national industrial and commercial enterprises from 2000 to 2017 and the IPO data of China’s A-share market, this paper studies the spillover effect of China’s capital market on the real economy from the perspective of the impact of IPO events on regional entrepreneurship. Specifically, it is found that IPO events can significantly improve the number and scale of entrepreneurship, and the positive effect of IPO events on entrepreneurship is still significant concerning the endogenous problem. In the moderating effect analysis, we document that IPO events show a positive impact on the corporate entrepreneurship but have an inhibitory effect on the non-corporate entrepreneurship. Furthermore, we find that IPO events have an “industry-pulling effect” and an “aggregation effect” in promoting entrepreneurship. Specifically, the evidence supports that IPO can drive entrepreneurship in the same industry and increase the proportion of new companies established within a radius of 2, 10, 20, and 30 kilometers around the registered address of the IPO company. Finally, this paper analyzes the impact of IPO events on the quality of enterprise development from the perspective of innovation, and the results show that IPO events can significantly increase enterprise innovation, which is beneficial to enterprise development quality. Overall, the results are consistent with the opinion that the capital market in China has a significantly positive spillover effect on the development speed and quality of the real economy.The main contributions of this paper are as follows: First, based on the registration data of national industrial and commercial enterprises, this paper obtains the data on the number, scale and type of new enterprises established in the prefecture-level city, comprehensively, objectively and accurately measures entrepreneurship at the city level, reduces the estimation error, and enriches the relevant research in the field of urban entrepreneurial behavior. Second, this paper incorporates IPO into the research framework for analyzing entrepreneurship, which is beneficial to study the impact of the financial system on entrepreneurship, and enriches the relevant research on the factors affecting entrepreneurship. Third, by analyzing the impact of IPO on regional entrepreneurship, this paper also provides more micro evidence for a deep understanding of the economic spillover effect of IPO.

Key words: capital market; IPO; the real economy; entrepreneurship

DOI：10.16538/j.cnki.jfe.20210917.203

收稿日期：2021-6-29

基金项目：教育部人文社会科学青年项目（18YJC790214，21YJC630026）；国家自然科学基金项目（71974219）；中央财经大学金融可持续发展研究团队项目；中央财经大学科教融合研究生学术新星孵化计划

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