CAJ | 학술논문

本文对中国转轨背景下民营企业的政治关系与民营企业的首次公开发行市场准入关系进行了实证分析，实证研究结果发现：在股票发行核准制下，一方面，第一大股东的所有权属性对拟发行人是否通过发行审核没有显著影响，我国资本市场准入的“所有制歧视”有所缓解；另一方面，民营企业的政治关系影响民营企业首次公开发行市场的准入，具有政治关系的拟发行人更可能通过股票发行审核。
본문대중국전궤배경하민영기업적정치관계여민영기업적수차공개발행시장준입관계진행료실증분석，실증연구결과발현：재고표발행핵준제하，일방면，제일대고동적소유권속성대의발행인시부통과발행심핵몰유현저영향，아국자본시장준입적“소유제기시”유소완해；령일방면，민영기업적정치관계영향민영기업수차공개발행시장적준입，구유정치관계적의발행인경가능통과고표발행심핵。
Based on the empirical study on the factors that have effect on whether the issuance application of issuers is approved or not by the Issuance Examination and Verification Commission, the paper makes an empirical analysis on the relationship between political connection and the entrance to IPOs market by private firms, and finds out, on one hand, private issuers have the same opportunities to entre the IPO market as the stated-owned issuers; on the other hand, political connection increases the possibility for private issuers to enter the IPOs market.