Journal of International Economics · 2026 · Robin Kaiji Gong、Yao Amber Li、Stephen Teng Sun、Shang‐Jin Wei
中文摘要
本文利用中国严格的首次公开发行 (IPO) 审批制度，首次实证分析了股权融资可得性如何影响企业出口。我们的实证策略将成功通过 IPO 审核的企业与“擦肩而过”者——即在最终审核会议上被否决的申请企业——的出口表现进行比较。为强化识别，我们利用会议记录剔除那些以未来收入增长或盈利能力风险为由的否决案例，因为这些问题可能意味着出口绩效受到了未观测冲击的影响。我们基于队列的双重差分分析表明，IPO 获批使企业在随后六年的出口显著增长，年化增幅超过 6%。与以往关于债务融资的研究结果不同，IPO 获批主要作用于广延边际，使企业能够拓展至更多的目的地-产品市场。机制检验提示，IPO 通过为无形资产投资融资并促进风险承担活动来提升出口。
Abstract
This study provides the first empirical analysis of how access to equity financing affects firm exports, leveraging China’s stringent approval system for initial public offerings (IPOs). Our empirical strategy compares the export performance of successful IPO applicants with that of “near misses” — applicants rejected at the final review meetings. To sharpen identification, we utilize meeting records to exclude rejections citing concerns about future revenue growth or profitability risks, as these may entail unobserved shocks to export performance. Our cohort-based difference-in-differences analysis reveals that IPO approval leads to a significant annualized increase of more than 6% in firm exports over the subsequent six years. In contrast to previous findings on debt financing, IPO approval primarily affects the extensive margin, enabling firms to expand into more destination-product markets. Mechanism tests suggest that IPOs enhance exports by financing intangible investments and fostering risk-taking activities.