Chinese High-tech SMEs and IPOs in STAR
These authors contributed equally
- 10.2991/aebmr.k.220307.136How to use a DOI?
- IPO; High-tech SMEs; Chinese SSE STAR Market; Revenue Growth
To support the development of high-tech industries, the Shanghai Stock Exchange STAR Market was launched on July 22, 2019. Due to the China-US trade war, which is essentially a technological war, there is a more urgent need for China to have technological innovation and the evolution of science and technology to rejuvenate the nation. Chinese government implements various policies to benefit the development of small and medium-sized innovation and technology companies listed on the STAR Market. This paper tests the promotion effect of IPOs in operating revenue using a sample of 68 listed companies in the STAR Market. The ordinary least squares regression is performed to analyze data with some controlling variables to exclude the effects of some other factors including momentum, capital structure, size, etc. We find common patterns of the leverage level and the pre-IPO revenue growth among sample SMEs. Our results over the period 2016-2020 evidence that the IPO might not be a significant explanatory factor for those listed firms’ revenue growths.
- © 2022 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article under the CC BY-NC license.
Cite this article
TY - CONF AU - Zhiyi Chen AU - Fengyi Qin AU - Xi Zhang AU - Yingqing Zhou PY - 2022 DA - 2022/03/26 TI - Chinese High-tech SMEs and IPOs in STAR BT - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022) PB - Atlantis Press SP - 845 EP - 852 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.220307.136 DO - 10.2991/aebmr.k.220307.136 ID - Chen2022 ER -