The Influence of Commercial Credit Supply on the IPO Market Performance of Entrepreneurial Enterprises:An Empirical Study Based on the Attention-based View and Institutional Theory
As a crucial strategic aspect of business operations,the provision of commercial credit plays a vital role in the survival and sustainable development of entrepreneurial enterprises.From the perspectives of attention-based view and institutional theory,this paper examines the impact and mechanisms of commercial credit provision on the IPO market performance of entrepreneurial enterprises,using a sample of companies listed on the Growth Enterprise Market from 2009 to 2021.The study finds that the provision of commercial credit prior to an entrepreneurial firm's IPO significantly increases the firm's issuance cost and exhibits a U-shaped relationship with the issuance market premium,and an inverted U-shaped relationship with the retail market premium.Since the implementation of the registration system on the Growth Enterprise Market in 2020,both retail and institutional investors have shown an increased positive perception of the commercial credit provision of IPO firms.Further analysis indicates that in regions with more developed legal and credit systems,retail and institutional investors are more likely to have a positive evaluation of commercial credit provision.The conclusions of the study not only offer guidance for entrepreneurial firms to reduce issuance costs and increase issuance and retail market premiums through the provision of commercial credit but also provide valuable insights for policymakers to promote IPO system reforms and enhance the quality of listed companies.
trade credit supplyentrepreneurial enterpriseIPO valueattention-based viewinstitutional theory
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