中文摘要：

本文研究了在不同金融发展环境下，股权性质差异对公司股票上市后信贷融资能力的影响。本文研究发现，通过在相对统一的股票市场中发行股票，公司可以降低在相对分割的信贷市场中信息传递成本，增强其债务融资能力，这一信号作用在金融发展程度滞后的地区表现尤为突出。本文研究结果表明，在金融发展滞后的地区，公司IPO以后债务融资水平显著提高，而且非国有公司通过IPO以后可以获得更多的信贷资源。因此，在金融发展相对滞后的地区，IPO的严格管制可以降低资本市场的信息不对称，促进信贷资源的有效配置。

英文摘要：

This paper investigates both the effect of regional financial development and the effect of controlling shareholder on the debt financing of listed firms after IPO in China. The research suggests that IPO becomes an important way for firms to reduce information asymmetry in the relative intersected credit market and signal its value to state controlled bank to get more loans, and the IPO signaling effect are more important in the under- developed region. It is found that listed firms, especially the private firms, in the under-developed region borrow more money after IPO. This research shows that IPO can signal the information of firm value, and can facilitate effective of credit resources, especially in under-development areas.