中文摘要：

本文构建了一个在产品市场需求不确定条件下的二阶段双寡头垄断模型,研究我国IPO行业竞争效应。模型结果表明：企业上市后在产品市场获得策略性竞争优势,采用积极的市场竞争策略抢占竞争对手市场份额,降低竞争企业价值,从而影响竞争企业的市场表现,且行业产品市场特征加剧IPO竞争效应。本文以A股市场1997~2016年的企业相关数据进行实证,发现我国企业IPO对竞争企业的短期股价表现造成负向冲击,且产品市场竞争程度加剧这种短期效应影响。本文进一步将竞争企业长期经营业绩纳入我国IPO竞争效应分析框架,实证研究表明企业IPO对竞争企业长期经营绩效产生负向冲击,有益地补充了我国IPO行业竞争效应的研究。

英文摘要：

In this paper, we examine the IPO industrial competition effect of A-share market by developing a two-stage duopoly model with product demand uncertainty. Our model shows that the strategic competitive advantage in the product market after the enterprise listing makes the enterprise adopt the positive market competition strategy to seize the compet- itor＇ s market share, reduce the competitor enterprise value and influence the competitor＇ s market performance, and the industry product market characteristic aggravate the IPO competition effect. The empirical test with data of IPOs in 1997 to 2016 shows that IPOs can negatively shock the short-term stock price of competitive enterprise, and the shock influ- ence is increasing on competition intensity. Furthermore, enterprise＇ s long term performance is considered in our analysis framework, revealing that negative shock to competitors also can be found responds to IPOs data,which enrich the research in IPO industrial effect.