全球智库信息集成服务系统(G2TT): Do Firms Go Public to Raise Capital?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11197
来源ID	Working Paper 11197
	Do Firms Go Public to Raise Capital?
	Woojin Kim; Michael Weisbach
发表日期	2005-03-14
出版年	2005
语种	英语
摘要	This paper considers the question of whether raising capital is an important reason why firms go public. Using a sample of 16,958 initial public offerings from 38 countries between 1990 and 2003, we consider differences between firms that sell new, primary shares to the public, and existing secondary shares that previously belonged to insiders. Our results suggest that the sale of primary shares is correlated with a number of factors associated with the firm's demand for capital. In particular, issuance of primary shares is correlated with higher increases of investment, higher repayment of debt and increases in cash, and more subsequent capital-raising through seasoned equity offers. Since 79% of all capital raised through IPOs in our sample is from the sale of primary shares, we conclude that capital-raising is an important motive in the going-public decision.
主题	Financial Economics ; Corporate Finance ; International Economics ; International Finance
URL	https://www.nber.org/papers/w11197
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/568834
推荐引用方式 GB/T 7714	Woojin Kim,Michael Weisbach. Do Firms Go Public to Raise Capital?. 2005.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w11197.pdf（378KB）	智库出版物		限制开放	CC BY-NC-SA	浏览