报告人简介：

林慧，厦门大学管理学院博士研究生，研究方向为公司财务与资本市场，曾在《经济研究》《经济学（季刊）》（TheBritish Accounting Review》等刊物发表论文，对IPO、公司税务、信息披露等领域有所探究。

报告简介：

Using IPO suspensions unexpectedly adopted byChinese securities regulators, we investigate the effect of IPO activities onthe performance of local private SMEs. We document that regions affected by IPOactivities experience a reduced ROA after the IPO event compared to theunaffected regions, suggesting a grabbing effect from local IPO activities.Channel tests show that IPO companies are grabbing customers, financial capitaland labor resources from their local peer SMEs. Furthermore, the grabbing effectof local IPO activities is more pronounced when SMEs heavily rely on financialor human capital, when the relative power of IPO firms over local SMEs isgreater, and when the competition between IPO firms and local SMEs is intense.Our findings practically remind regulators of the unexpected negativeexternalities brought by local IPO activities.