American Economic Journal: Economic Policy · 2026 · Meng Miao、Wei Wang、Zhengyu Zuo
中文摘要
中国公司在进行首次公开发行 (IPO) 之前,必须接受由监管机构指定的委员会的审核。我们发现,在污染日 (即 PM2.5 浓度较高的日子),公司——尤其是没有政治关联的公司——更有可能通过该审核。这一效应似乎源于审核人员认知能力的下降,表现为审核会议中提出的问题更少、更简单。值得注意的是,在污染日获得批准的公司在 IPO 后三年内的业绩与其他公司没有显著差异。研究结果表明,污染引发的认知疲劳可能出人意料地减少了受政治影响的审批过程中的扭曲。
Abstract
Chinese companies must undergo a review by a regulator-appointed committee before proceeding with initial public offerings (IPOs). We find that firms—particularly, politically unconnected ones—are more likely to pass this review on polluted days (i.e., with a high level of PM2.5). The effect appears driven by reduced cognitive capacity among reviewers, reflected in fewer and simpler questions raised during review sessions. Notably, firms approved on polluted days show no significant performance difference from other firms within three years after the IPO. The findings suggest that pollution-induced cognitive fatigue may paradoxically reduce distortions in a politically influenced approval process.