Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/338523 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] China Journal of Accounting Studies (CJAS) [ISSN:] 2169-7221 [Volume:] 12 [Issue:] 1 [Year:] 2024 [Pages:] 71-105
Verlag: 
Taylor & Francis, Abingdon
Zusammenfassung: 
China's STAR Market, with its registration-based IPO system, blends market-oriented features with growth criteria, making it an ideal research setting to analyze IPO companies' growth manipulation and its economic impacts. Using data from 2019 to 2021, our study employs non-parametric methods to reveal significant growth manipulation among STAR Market companies during IPOs. We observe that manipulation intensifies across categorical listing criteria I to V, particularly among higher-valued companies. However, the coinvestment system helps curb manipulation in Pre-IPOs. Notably, lower profitability and industry status amplify the effects of listing criteria and valuation on manipulation. Economic tests confirm that Pre-IPO manipulation hastens listings but results in higher IPO underpricing. Our findings shed light on the repercussions of the registration-based IPO system, vital for refining the STAR Market and extending similar reforms to other segments.
Schlagwörter: 
categorical listing criteria
co-investment system
company valuation
growth manipulation
STAR market
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