What explains Alibaba’s miraculous IPO success on the New York stock exchange?

IF 2 4区管理学 Q3 BUSINESS

Asia Pacific Business Review Pub Date : 2022-11-11 DOI:10.1080/13602381.2022.2143640

Kailei Wei, Libo Xiao, Yang Fang, Chunxia Jiang

引用次数: 1

Abstract

ABSTRACT Shattering the all-time high record of $68.15 billion set by AT&T in April 2000, Alibaba became the world’s largest IPO, raising $169.4 billion at the New York Stock Exchange in September 2014. Using this outstanding case, the underlying drivers for foreign IPO success were explored. Four propositions are elaborated on: (1) companies choose the capital market with the institutional environment accommodating their internal characteristics, thereby taking advantage of the institutional differences between home and host countries to facilitate their development strategy; and (2) companies’ IPO success is largely driven by the industry growth potential, fundamentals, and strategic alliances.

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如何解释阿里巴巴(Alibaba)在纽约证券交易所(New York stock exchange)奇迹般的IPO成功?

2014年9月，阿里巴巴在纽约证券交易所募资1694亿美元，打破了美国电话电报公司(AT&T) 2000年4月创下的681.5亿美元的历史最高纪录，成为全球最大的IPO。通过这一杰出案例，探讨了境外IPO成功的潜在驱动因素。阐述了四个命题:(1)企业选择符合其内部特征的制度环境的资本市场，从而利用母国与东道国的制度差异来促进其发展战略;(2)企业的IPO成功主要受行业增长潜力、基本面和战略联盟的驱动。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia Pacific Business Review Multiple-

CiteScore

4.40

自引率

13.80%

发文量

期刊介绍： The growth of the Asia Pacific region and the rising presence of its multinationals in world markets has raised a number of questions about the origins of national economic success. Asia Pacific Business Review addresses these key issues and draws together the lessons of the analysis of culture, economies, history, politics and societies in the area, in order to explore business-related phenomena in the Asia Pacific countries, both in their general and specific contexts. The Review is intended for both academics and interested observers, contains the contributions of recognized experts, and is essential to anyone seeking the latest research on Asia Pacific business in a readily available, approachable form. We welcome articles which deal with nations and societies in the Asia Pacific region, namely those in East Asia and South-East Asia (but not South Asia), including those in APEC and ASEAN, individually or comparatively. Of interest also are contributions on the Asia Pacific economies, comparing those inside with those outside, or those investing in it. We do not, however, publish papers based solely on countries from outside the region.