Series: IMF Working Papers
Author(s): Hui He , Hanya Li , and Jinfan Zhang
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 30 June 2017
Keywords: China, People's Republic of, Asia and Pacific, China, Corporate governance, IPO, Innovation, Financial Constraint, State Ownership, Firm Behavior: Empirical Analysis, Innovation and Invention: Processes and Incentives
The paper analyses the effect of the stock market on firm innovation through the lens of initial public offering (IPO) using uniquely matched Chinese firm-level data. We find that IPOs lead to an increase in both t...