This paper measures the government's administrative style based on the government work report and takes IPO activi-ties as an entry point.Empirical research finds that the more aggressive the government's administrative style is,driven by govern-ment intervention motives and corporate compliance motives,the more active local enterprise IPOs are.This is manifested in a higher probability of passing the review and shorter queuing periods.Moreover,in cities with more aggressive administrative styles,although companies tend to perform better in the short term when new stocks are listed,there is a rapid reversal in perfor-mance after listing.This paper not only enriches the research in the fields of government public governance and IPOs but also has positive practical significance for transforming government functions and achieving high-quality economic development.
Governance styleIPOGovernment work reportGovernment supportEarnings management
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