We investigate the manner in which institutional investors' investments in IPO firms are related to IPO characteristics and pre-IPO operating performance. We find that institutions' initial holdings are strongly related to the public float (the fraction of shares floated to the public), but are unrelated to the ratio of primary-to-total shares issued. This suggests that institutions prefer IPOs that are associated with ownership structure change, and are indifferent to whether the motivation behind the IPO is fund raising or original owners' value liquidation. Moreover, initial institutional holdings are unrelated to commonly used measures of pre-IPO operating performance such as return on sales and return on assets. We also find that institutions are predisposed to invest in value firms rather than growth firms.

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什么决定了机构投资者在 IPO 公司中的持股量？

我们调查了机构投资者对 IPO 公司的投资与 IPO 特征和 IPO 前经营业绩之间的关系。我们发现，机构的初始持股与公众持股量（向公众流通的股份的比例）密切相关，但与主要股份占总发行股份的比例无关。这表明机构更喜欢与股权结构变化相关的IPO，而对IPO背后的动机是资金筹集还是原始所有者价值清算无动于衷。此外，初始机构持股与常用的 IPO 前经营业绩指标（如销售回报率和资产回报率）无关。我们还发现，机构更倾向于投资价值型公司而不是成长型公司。