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The Effects of IPO on Technology Innovation Performance and its Structural Transformation
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TitleThe Effects of IPO on Technology Innovation Performance and its Structural Transformation  
AuthorHu Zhiqiang, Zhao Meijuan and Jiang Yang  
OrganizationSchool of Economics and Management, Wuhan University 
Key WordsGEM; IPO; Technology Innovation Performance; Innovation Strategy 
AbstractBased on the data of the listed and Non-Listed Firms in GEM, our empirical study got some implications about the effects of IPO on technology innovation performance and its structural transformation: technology innovation performance has been improved in a time window of three years, which means completing IPO on GEM board has a positive impact on firms’ technology development. Moreover, technology innovation strategy changes: compared to the “explorative” technology innovations, the duration of the listing and the growth of enterprise R&D investment show a significant inverted U type relationship. The reason for this relationship is that firms focus more attention on “exploitative” technology innovations after the IPO. Management becomes measured in the choice of projects, which do hinder key breakthroughs of innovation. In short, the IPO market plays an important role in resource allocation, which provides service for the national innovation strategy, and makes reference for the firms’ technological innovation. 
Serial Number1201 
  • Institute of Economics, Chinese Academy of Social Sciences
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