Digital Financial Development,Company IPO Behavior and Capital Market Efficiency
Starting from the perspective of corporate equity financing,this study focuses on analyzing the impact of the development level of digital finance on the IPO listing behavior of local companies and explores the efficiency of the capital market from the per-spective of the capital market's ability to provide financial resources to those in need of funds.The research reveals that digital fi-nance significantly increases the number of local companies submitting IPO applications,enhancing the impetus for companies to ap-ply for listing.This impact is particularly pronounced in regions where traditional financial development is relatively lagging and le-gal environments are favorable.Furthermore,a higher level of digital finance development is associated with a significant increase in the IPO approval rate.The study delves into the mechanism behind this,suggesting that the development of digital finance can re-duce the cost of corporate debt financing,boost innovation investment,and subsequently increase the IPO approval rate.Expanding the analysis,it is found that the development of digital finance significantly reduces the extent of IPO underpricing,increases long-term stock returns post-listing,and decreases the volatility of stock returns after the IPO.This study's findings provide insights into fully leveraging the inclusive nature of digital finance and promoting the integration of digital finance development with capital mar-ket system construction.
Digital Financial DevelopmentCompany IPOApproval RateCapital Market Efficiency
万方数据
维普
