ABSTRACT This paper analyses the determinants of the going public decision of the non-financial firms that were listed in the Spanish Continuous Market through an Initial Public Offering of shares (IPO) in the period 1997–2013. We employ series of characteristics related to the firms and the economic environment and logit regression methods in order to find the model that best fits the firms that went public, using the firms that could have gone public in the same period, but opted not to, as a control sample. In Spain, the firms that went public were characterized by being relatively larger and riskier than those that did not. In addition, their IPOs came after a period of investment and growth, although it does not appear that they intended to rebalance their financial structure or reduce their financial costs. Likewise, our results are robust across different sensitivity analyses. Our results suggest that Spanish IPO firms do not fit the Continental European model for going public. Therefore, it seems that differences between the Continental European and the Anglo-Saxon model are fading.

中文翻译：

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西班牙的IPO公司是否符合欧洲大陆的上市模式？

摘要本文分析了通过1997-2013年首次公开发行股票（IPO）在西班牙连续市场上上市的非金融公司的公开决策的决定因素。我们采用与公司和经济环境有关的一系列特征，并采用logit回归方法，以找到最适合已上市公司的模型，并使用可能在同一时期已上市但未选择上市的公司，作为对照样品。在西班牙，上市公司的特点是比没有上市的公司更大，风险更高。此外，它们的首次公开募股是经过一段时期的投资和增长之后，尽管它们似乎并没有打算重新平衡其财务结构或降低其财务成本。同样地，在不同的敏感性分析中，我们的结果是可靠的。我们的结果表明，西班牙的IPO公司不适合欧洲大陆的上市模式。因此，欧洲大陆模式和盎格鲁撒克逊模式之间的差异似乎正在消失。