创业型企业上市后的成长策略:一个欧洲视角

W. Bessler, Jan Zimmermann
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引用次数: 4

摘要

对于创业型企业来说,开发新想法和新产品、建立品牌和声誉、扩大生产能力是保护竞争力、确保长期成功和生存的关键。以2679家欧洲首次公开募股(ipo)为样本,我们分析了上市后公司如何在内部和外部增长战略之间分配资源,以及增长战略如何影响绩效。我们的研究结果揭示了上市的动机以及ipo后内部和外部增长的决定因素。研究结果表明,IPO融资效应对企业的外部增长和内部增长都有促进作用。特别是,上市有利于长期的外部增长战略,因为收购活动通常需要随后发行股票和债券。然而,上市的直接影响在欧洲比在美国的研究报告中要弱。我们的研究表明,在欧洲首次公开募股(IPO)中,花费大量资金进行收购或资本支出的公司表现最好,而研发密集型公司表现最差。在成长期,这些高增长公司的表现优于大盘,但在接下来的几年里,业绩就会逆转。总体而言,我们的证据与上市促进外部增长作为内部增长的补充或替代的观点是一致的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Growth Strategies of Entrepreneurial Firms after Going Public: A European Perspective
For entrepreneurial firms it is essential to develop new ideas and products, build a brand name and reputation, and expand manufacturing capacity to protect competitiveness and ensure long-run success and survival. For a sample of 2,679 European Initial Public Offerings (IPOs) we analyze how firms allocate their resources between internal and external growth strategies after going public and how the growth strategy affects performance. Our findings shed light on the motives for going public and the determinants of internal and external growth post-IPO. Our findings indicate that the financing effect of the IPO helps to increase both external and internal growth. In particular, going public benefits external growth strategies in the long-term as acquisition activities usually require subsequent equity and debt issuance. However, the direct effects of going public are weaker in Europe than reported in studies for the U.S. We document that European IPO firms that spend large amounts on acquisitions or Capex exhibit the best performance, and R&D-intensive firms the worst. During the growth years these high growth firms outperform the broad stock market, but performance reverses in the following years. Overall, our evidence is consistent with the idea that going public facilitates external growth as a complement or substitute to internal growth.
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