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Can CSIEC's Alumni Network Distort the Allocation of IPO Resources?

【Authors】
YANG Yulong
【WorkUnit】
Zhejiang Gongshang University, 310018.
【Abstract】

We examine whether CSIEC's alumni network would distort CSRC's policy of IPO resources allocation, through which we want to answer a classic public policy question that is “how is a policy distorted during implementation”. CSRC has three IPO resource allocation policies: industrial regulation policy, regional balance policy and regional integrity policy. Firms that are not supported by industrial policy, or coming from the central area of China or regions with a large quantity of listed companies that violate regulations have a much lower probability of passing the CSIEC meeting. However, CSIEC's alumni network distorts CSRC's policy of IPO resources allocation. In the extending analysis, we explore the impact of different types of CSIEC members on policy implementation. Compared with auditors and lawyers, government officials have more powers and are more likely to distort CSRC's policy of IPO resources allocation

JEL:D80, G1, G38

【KeyWords】
China Securities Issuance Examination Committee, Alumni Networks, Initial Public Offering Policy Distortion