Incorporating Biodiversity in the Japanese Private Sector : An analysis of a preliminary survey conducted on the Nippon Keidanren Business Association
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Graduate School of Economics, Nagoya City University
抄録(英)
The Chinese stock market has been segmented into those for domestic and foreign investors under its market oriented economic reform process. This paper examines what promotes the former A-share public firms to go initial public offerings in the latter B-share market. Following implications are derived from the empirical analyzes. First, an A-share firm’s profitability positively influences the probability of the IPO in the B-share market, but reverses after additional issuances are made. Second, in addition, an A-share firm’s IPO in the B-share market consequently relaxed the bank borrowing constraint in the post-IPO period. Third, an A-share firm with high growth opportunity is apt to go IPO in the B-share market. Fourth, size of the A-share firm is positively related to both the probability of IPO and the number of capital stock issued in the B-share market.
Incorporating Biodiversity in the Japanese Private Sector : An analysis of a preliminary survey conducted on the Nippon Keidanren Business Association
B41-20090901-1
(874.17KB)
