| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24657 |
| 来源ID | Working Paper 24657 |
| Policy Uncertainty and Innovation: Evidence from IPO Interventions in China | |
| Lin William Cong; Sabrina T. Howell | |
| 发表日期 | 2018-05-28 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Public equity is an important source of risk capital, especially in China. The Chinese government has occasionally suspended IPOs, exposing firms already approved to IPO to indeterminate listing delays. The temporary bar on going public increases uncertainty about access to public markets for affected firms. We show that suspension-induced delay reduces corporate innovation activity both during the delay and for years after listing. Negative effects on tangible investment and positive effects on leverage are temporary, consistent with financial constraints during the suspensions being resolved after listing. Our results suggest that predictable, well-functioning IPO markets are important for firm value creation. They demonstrate that corporate innovation is cumulative and is negatively affected by policy uncertainty. |
| 主题 | Financial Economics ; Corporate Finance ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w24657 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582330 |
| 推荐引用方式 GB/T 7714 | Lin William Cong,Sabrina T. Howell. Policy Uncertainty and Innovation: Evidence from IPO Interventions in China. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24657.pdf（1765KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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