时间：2024年10月16日 周三 10:30-12:00
地点：承泽园245教室
主讲人：Robin Kaiji Gong（Hong Kong University of Science and Technology）

参与老师：（国发院）李力行、席天扬、徐化愚、于航、王轩、易君健、黄清扬；
              （经院）刘冲、吴群锋、曹光宇

题目：Equity Financing and Trade: Evidence from IPO Approvals in China

摘要：Equity financing differs from bank financing, and its effect on firms' export performance is under-studied. We leverage the unique institutional context in China, where a stringent approval-based IPO system is in place, necessitating that firms undergo a rigorous review process to achieve listing status. Our empirical strategy compares the export performance of successful IPO applicants with those of the ``near misses” - the applicants rejected at IPO review meetings, the final stage of the review process. Our difference-in-differences analysis reveals that IPO approval leads to a significant increase of around 40% in firms' export value over the subsequent six years. In contrast to the existing research on debt financing, the effect of equity financing operates primarily through the extensive margin (expansions into more destination-product markets). Furthermore, we find that equity financing enhances firm exports via multiple economic mechanisms, including facilitating intangible capital accumulation, reducing informational frictions, and fostering risky foreign market exploration activities.

个人简介：Robin Kaiji Gong is an Assistant Professor in Economics at the Hong Kong University of Science and Technology. He graduated from Stanford University in 2019. His research interest includes international trade, innovation, and entrepreneurship, with a focus on the Chinese Economy. His research has been published in the Journal of International Economics and China Economic Review.