CAJ | 학술논문

本文从中小板上市公司IPO后并购及资本支出这一视角,来研究公司的IPO动因。研究证实了IPO募集资金量与资本支出的正相关关系,且公司内部投资是中小板上市公司的主要发展途径。在并购强度高的行业内,并购则成为上市公司IPO后可能选择的另一种扩张方式。此外,IPO后的股票增发及债务融资也为公司发展提供后续资本支持,可看作是公司IPO的间接动因。
본문종중소판상시공사IPO후병구급자본지출저일시각,래연구공사적IPO동인。연구증실료IPO모집자금량여자본지출적정상관관계,차공사내부투자시중소판상시공사적주요발전도경。재병구강도고적행업내,병구칙성위상시공사IPO후가능선택적령일충확장방식。차외,IPO후적고표증발급채무융자야위공사발전제공후속자본지지,가간작시공사IPO적간접동인。
This paper studies the motivation of IPO for listed companies in SME board from the perspective of MA and capital expenditure after IPO.The results show that capital expenditure is positively correlated to the amount of fund from IPO,and internal capital expenditure is the main way to develop for listed companies in SME board.In the industry with high intensive activities of MA,MA would be another way to develop for these companies.In addition,SEO and debt finance are also supporting the development for listed companies and can be regard as indirect motivation for IPO.