Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)

Chinese High-tech SMEs and IPOs in STAR

Authors
Zhiyi Chen1, , Fengyi Qin2, , Xi Zhang3, , Yingqing Zhou4, *,
1School of Finance, Nankai University, Tianjin, 300350, China
2Alliance Manchester Business School, University of Manchester, Manchester, M13 9PL, United Kingdom
3College of Arts & Sciences, Boston University, Boston, 02215, United States
4School of Business, University of Sydney, Sydney NSW 2006, Australia

These authors contributed equally

*Corresponding author. Email yzho3991@uni.sydney.edu.au
Corresponding Author
Yingqing Zhou
Available Online 26 March 2022.
DOI
https://doi.org/10.2991/aebmr.k.220307.136How to use a DOI?
Keywords
IPO; High-tech SMEs; Chinese SSE STAR Market; Revenue Growth
Abstract

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.

Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
26 March 2022
ISBN
978-94-6239-554-1
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.220307.136How to use a DOI?
Copyright
© 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  - https://doi.org/10.2991/aebmr.k.220307.136
ID  - Chen2022
ER  -