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M & A synergies and trends in IPOs

机译：IPO的并购协同作用和趋势

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摘要

The recent decline in IPO activity can be explained by the small firms' increasing preference for being acquired rather than growing independently. This paper sheds light on this explanation by focusing on the nature of the firms facing this decision and their potential merger synergies. First, the above explanation should be particularly true for Young Innovative Companies (YICs), which are often superior to incumbents in originating innovations but face greater difficulties in bringing them to the market. Second, a firm's trade-off between being acquired and remaining independent strongly depends on the extent of the synergies arising from a potential merger, which are however difficult to assess ex-ante. Using a new, text-based measure of business similarity as a proxy for M & A synergies, we document that YICs facing the potential to develop larger synergies are the main responsible for the decline in IPOs. Compared to 15 years ago, the quarterly number of IPOs conducted by these firms has decreased by 20. At the same time, while M & A activity of other firms has declined, the number of acquisitions involving this particular type of firms has remained stable over time.
机译：近期IPO活动的下降可以用小公司越来越倾向于被收购而不是独立发展来解释。本文通过侧重于面临该决定的公司的性质及其潜在的合并协同作用，阐明了这种解释。首先，以上解释对于年轻的创新公司（YIC）尤其正确，这些公司通常在创新方面优于现有创新公司，但在将其推向市场时面临更大的困难。其次，企业在被收购与保持独立之间的权衡在很大程度上取决于潜在合并所产生的协同效应的程度，然而，事前很难进行评估。使用新的，基于文本的业务相似性度量作为并购协同效应的替代，我们证明，有潜力发展更大协同效应的YIC是IPO数量下降的主要原因。与15年前相比，这些公司每季度进行的IPO数量减少了20。与此同时，尽管其他公司的并购活动有所下降，但涉及这种类型公司的并购数量却保持稳定。时间。

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