financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2024-28-5-173-186finance-3187Research ArticleФОНДОВЫЕ РЫНКИSTOCK MARKETSАнализ динамики сделок IPO: географический и отраслевой аспектыIPO Market Dynamics: Geographical and Sectoral Dimensionshttps://orcid.org/0000-0002-7422-5515БеляевВ. А.BelyaevV. A.

Владимир Андреевич Беляев, кандидат экономических наук, научный сотрудник

Международная научная лаборатория «Новые тренды в международных финансах»

Москва

Vladimir A. Belyaev, Cand. Sci. (Econ.), Research Fellow

International Research Laboratory “New Trends in International Finance”

Moscow

v.a.belyaeff@gmail.comМГИМО МИД РоссииРоссияMoscow State Institute of International Relations (MGIMO University)Russian Federation202431102024285173186Copyright © Беляев В.А., 20242024Беляев В.А.Belyaev V.A.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3187

   IPO (первичное публичное размещение) является широко распространенным инструментом финансирования в мире, однако в научном сообществе недостаточно внимания уделяется анализу динамики рынка IPO.

   Цель статьи заключается в выявлении отсутствия кластеризации в отдельных отраслях во время «горячих» рынков IPO на горизонте с января 1990 по декабрь 2022 гг., а также выявление волн IPO на рынке Китая.

   Методология исследования включала аналитические методы сбора и обработки информации, сравнительный, а также графический анализ базы данных, собранной автором и состоящей из более чем 16 000 сделок IPO с объемом размещения более 50 млн долл. США. В ходе исследования произведено сравнение динамики сделок IPO в Китае и в остальном мире, проведен отраслевой и географический анализ, а также предложены объяснения различий в динамике. Идентифицированы волны IPO на анализируемом горизонте и дано объяснение причинам их формирования. Компании по всему миру активно привлекали финансирование через сделки по первичному публичному размещению акций за анализируемый период, совокупно разместив свои акции на сумму более 5 трлн долл. Основной объем средств привлекли компании из развитых стран, однако в последнее десятилетие динамика рынка IPO демонстрирует значительное увеличение доли Китая и развивающихся стран. За данный период на рынке IPO наблюдалось 5 волн IPO, характеризующихся значительным ростом объемов размещения и доходности первого дня торгов. Сделан вывод о том, что кластеризация на рынке первичных публичных размещений акций не являлась характерной только для определенных секторов, а совпала с глобальным ростом числа сделок и доходности IPO, а кластеризация на китайском рынке IPO совпадает с динамикой общемирового рынка первичных публичных размещений.

   The IPO (Initial Public Offering) is a widely used financing tool worldwide, but the scientific community has not extensively analyzed the dynamics of the IPO market.

   The purpose of the paper is to identify the absence of clustering in certain industries during “hot” IPO markets from January 1990 to December 2022, as well as to identify IPO waves in the Chinese market.

   The research methodology included analytical methods for collecting and processing information, comparative and graphical analysis of an author-collected database covering over 16,000 IPO transactions with a placement size of over 50 million USD. The study includes a comparison of IPO transactions in China and the rest of the world, as well as an industry andgeographical analysis, with explanations for differences in dynamics. The paper also illustrates IPO waves on the analyzed horizon and explains why they formed. Companies globally raised over 5 trillion dollars through IPO transactions during the analyzed period, with developed countries raising the majority of funds. However, the dynamics of the IPO market show asignificant increase in China’s and developing countries’ share in the last decade. During this period, five IPO waves occurred, characterized by significant growth in placement volumes and first-day trading returns. It has been concluded that clustering in the IPO market was not specific to certain sectors, but coincided with the global increase in the number of transactions and IPO returns, while clustering in the Chinese IPO market coincided with the dynamics of the global IPO market.

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The authors declare that there are no conflicts of interest present.