Chinese High-tech SMEs and IPOs in STAR

Zhiyi Chen; Fengyi Qin; Xi Zhang; Yingqing Zhou

doi:10.2991/aebmr.k.220307.136

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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: 10.2991/aebmr.k.220307.136 How 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.
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: 10.2991/aebmr.k.220307.136
ISSN: 2352-5428
DOI: 10.2991/aebmr.k.220307.136 How to use a DOI?
Open Access: This is an open access article under the CC BY-NC license.

Cite this article

ris enw bib

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  -

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