The Duration of PIPEs-Evidence from China

• Main Authors: LIAO,SHU-CHIA, 廖述嘉
• Other Authors: SHU,PEI-GI
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/61503411827911729012

碩士 === 輔仁大學 === 金融與國際企業學系金融碩士班 === 104 === In this study we explore the determinants of duration of issuing a PIPE using 456 PIPEs from 363 listed firms in China in the sampling period of 2007-2014.We find that for the determinants for initial PIPEs and following PIPEs are different. Specifically,we find the most critical determinant for initial PIPEs is timing,while is growth opportunity for the following PIPEs. We further contrast active versus passive PIPE investors using the criteria of whether the PIPE investors get involved in the firm’s board.We find that as compared to passive PIPEs,active PIPEs are associated with inferior performance and lower capital expense prior to the involvement of PIPE.But,after the involvement of active PIPE .Active investor’s performance is better than passive investor’s.However,we also find that both kind of investor’s post PIPE performance are inferior than prior performance,but the passive investor involvement’s firm performance have significant inferior.By the way, both kind of investor’s property,plant,and equipment’s expense are higher than prior period. Finally,we find that the involvement of passive (active) investors is negatively (positively) correlated with the duration of launching the following PIPE.