文献类型：期刊文献

英文题名：Guanxi, media coverage and IPO approvals: Evidence from China

作者：Xiong, Yan[1];Zhao, Yan[1]

机构：[1]East China Univ Sci & Technol ECUST, Sch Business, 130 Meilong Rd, Shanghai 200237, Peoples R China

年份：2021

卷号：65

外文期刊名：PACIFIC-BASIN FINANCE JOURNAL

收录：;WOS:【SSCI(收录号:WOS:000641577100005)】；

基金：The authors thank the anonymous referee for helpful comments. We also thank seminar participants at School of Business, ECUST, for helpful comments. The authors acknowledge the sponsorship by National Natural Science Foundation of China (Grant No. 71702056), Ministry of Education of China (Grant No. 16YJC630147 and 18YJC790230), Science and Technology Commission of Shanghai Municipality (Young Talents Project, Grant No. 2016EJB004 and 20WZ2504200). We acknowledge that the paper does not reflect the views of the above institutions. All errors remain to the authors.

语种：英文

外文关键词：Guanxi media coverage; IPOs; Government regulations; Corruption

摘要：We investigate whether "guanxi" facilitate IPO approval, and whether media coverage can mitigate this rent seeking practice in China. We find that before 2015, "guanxi" did increase the IPO passing rate. But this changes after 2015 when the anti-corruption movement was brought to the financial area. For media coverage, though the effect of positive coverage is not evident, the negative coverage seriously affects the IPO passing rate. In particular, when the IPO applicants are hit by negative coverage, they actually end up with lower IPO passing rates even if social connection exists.