The distinct signaling effects of R & D subsidy and non-R & D subsidy on IPO performance of IT entrepreneurial firms in China

被引：203

作者：

Chen, Jin ^{[1
]}

Heng, Cheng Suang ^{[2
]}

Tan, Bernard C. Y. ^{[2
]}

Lin, Zhijie ^{[3
]}

机构：

[1] East China Univ Sci & Technol, Sch Business, 130 Meilong Rd, Shanghai 200237, Peoples R China

[2] Natl Univ Singapore, Dept Informat Syst & Analyt, Comp 2,15 Comp Dr, Singapore 117418, Singapore

[3] Nanjing Univ, Dept Mkt & Elect Business, 22 Hankou Rd, Nanjing 210093, Jiangsu, Peoples R China

来源：

RESEARCH POLICY | 2018年 / 47卷 / 01期

基金：

中国国家自然科学基金;

关键词：

signaling effect; R & D subsidy; non-R & D subsidy; state ownership; patent intensity; IPO performance; INITIAL PUBLIC OFFERINGS; INNOVATION POLICY; GOVERNMENT OFFICIALS; DEVELOPMENT PROGRAMS; TRANSITION ECONOMY; MARKET; IMPACT; STRATEGY; INDUSTRY; TIES;

D O I：

10.1016/j.respol.2017.10.004

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

This study investigates how R & D subsidy and non-R & D subsidy affect entrepreneurial firms' initial public offering (IPO) performance in an emerging economy like China. Analyzing data from 269 IT (information technology) entrepreneurial firms in China, we found that R & D subsidy has an inverted U-shape effect on IPO performance, while non-R & D subsidy has a positive effect on IPO performance. Furthermore, both state ownership and patent intensity moderate the inverted U-shape relationship between R & D subsidy and IPO performance. In contrast, neither of them moderates the positive relationship between non-R & D subsidy and IPO performance. These findings contribute to the literature on the effectiveness of government subsidy by highlighting the symbolic effect of government subsidy on external financing in emerging economies, and offer important practical implications to entrepreneurial firms and government funding agencies in China.

引用

页码：108 / 120

页数：13

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