-
首页
-
- 首页
- WORKSHOP预告
管理workshop:Late-Stage Private Equity Investment as a Non-Market Strategy:Evidence from Chinese pre-IPO Firms
发布日期：2017-05-18 10:16 来源：北京大学国家发展研究院
Time : May18th, 2017 (Thursday) 10:00am -11:30am
Location : Zhifuxuan Conference Room, National School of Development, Peking U.
Speaker: Yu Zhang, Assistant Professor of Management at CEIBS.Abstract
This paper explores the use of late-stage private equity investments by pre-IPO firms as a non-market strategy. We argue that in a heavily regulated equity-financing market, late-stage private equity investors can help pre-IPO firms to pass the regulatory barriers, especially for those with weaker quality. However, such use of non-market strategy is not free, as private equity investors may ask for a rent for such favor. Using manually-collected information about ownership changes from China’s IPO application filings, we find that over a third of firms receive late-stage private equity investment and subsequently halve rejection rates for IPO applications, compared to firms without PE investment. Those PE investors are then rewarded with 9.5 times return over a 14-month period for an average deal. Further tests rule out possible alternative explanations for extraordinary PE returns, such as financing, selection/certification, and managerial improvement.
Bio
Dr. Yu ZHANG is Assistant Professor of Management at CEIBS. Dr. Zhang received his PhD in Management from INSEAD. Prior to joining CEIBS, he was Assistant Professor of Strategy at the Paul Merage School of Business, UC Irvine, where he taught business strategy for the MBA and undergraduate students. His teaching interests include Strategic Management, Industry and Competitive Analysis, Business Model Innovation and Competition, and Corporate Governance.
Dr. Zhang’s research focuses on the interaction between strategy and capital markets. His research has been published in top-tier journals such as the Academy of Management Journal, Strategic Management Journal, and Organization Science. He has been invited to present his research in leading business schools in Asia, Europe and North America, and to give keynote speech on leading industrial conferences such as the NACD (National Association of Corporate Directors) Spring Forum.
For further information about the speaker, please visit:
http://cn.ceibs.edu/zhang-yu
Your participation is warmly welcomed!
国家发展研究院官方微信
Copyright© 1994-2012 北京大学 国家发展研究院 版权所有, 京ICP备05065075号-1
保留所有权利，不经允许请勿挪用
-
首页
-
管理workshop:Late-Stage Private Equity Investment as a Non-Market Strategy:Evidence from Chinese pre-IPO Firms
发布日期：2017-05-18 10:16 来源：北京大学国家发展研究院
Time : May18th, 2017 (Thursday) 10:00am -11:30am
Location : Zhifuxuan Conference Room, National School of Development, Peking U.
Speaker: Yu Zhang, Assistant Professor of Management at CEIBS.Abstract
This paper explores the use of late-stage private equity investments by pre-IPO firms as a non-market strategy. We argue that in a heavily regulated equity-financing market, late-stage private equity investors can help pre-IPO firms to pass the regulatory barriers, especially for those with weaker quality. However, such use of non-market strategy is not free, as private equity investors may ask for a rent for such favor. Using manually-collected information about ownership changes from China’s IPO application filings, we find that over a third of firms receive late-stage private equity investment and subsequently halve rejection rates for IPO applications, compared to firms without PE investment. Those PE investors are then rewarded with 9.5 times return over a 14-month period for an average deal. Further tests rule out possible alternative explanations for extraordinary PE returns, such as financing, selection/certification, and managerial improvement.
Bio
Dr. Yu ZHANG is Assistant Professor of Management at CEIBS. Dr. Zhang received his PhD in Management from INSEAD. Prior to joining CEIBS, he was Assistant Professor of Strategy at the Paul Merage School of Business, UC Irvine, where he taught business strategy for the MBA and undergraduate students. His teaching interests include Strategic Management, Industry and Competitive Analysis, Business Model Innovation and Competition, and Corporate Governance.
Dr. Zhang’s research focuses on the interaction between strategy and capital markets. His research has been published in top-tier journals such as the Academy of Management Journal, Strategic Management Journal, and Organization Science. He has been invited to present his research in leading business schools in Asia, Europe and North America, and to give keynote speech on leading industrial conferences such as the NACD (National Association of Corporate Directors) Spring Forum.
For further information about the speaker, please visit:
http://cn.ceibs.edu/zhang-yu
Your participation is warmly welcomed!
访问学者申请
EMAIL
北京大学
ENGLISH
