境内外IPO对企业创新的异质影响研究  

Heterogeneous Influence of Domestic and Overseas IPO on Entrepreneurial Firm Innovation

作　　者：刘烨[1] 刘雨辰 蒋凤 LIU Ye;LIU Yuchen;JIANG Feng(School of Management&Engineering,Nanjing University,Nanjing,Jiangsu 210093,China)

机构地区：[1]南京大学工程管理学院,江苏南京210093

出　　处：《财经理论与实践》2022年第2期2-9,共8页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金面上项目(71673133、72073063)。

摘　　要：基于VC支持的创业企业样本,采用双重差分和三重差分方法,检验境内IPO和境外IPO对企业创新的异质影响。结果显示,境内外IPO通过缓解融资约束促进企业创新,同时加剧管理层短视,从而部分抵消对创新的促进作用。但境外IPO带来的短视问题更严重,因此境外IPO对企业创新的促进作用要弱于境内IPO。Based on the sample of venture capital supported entrepreneurial firms,this paper uses Difference-in-Difference(DID) and Difference-in-Difference-in-Difference(DDD) methods to explore the heterogeneous influence of domestic and overseas IPO on entrepreneurial innovation.Our analysis shows that both domestic IPO and overseas IPO can significantly boost entrepreneurial innovation by mitigating financing constraints of entrepreneurial firms,but also hamper entrepreneurial innovation by exacerbating managerial myopia.Since the problem of managerial myopia caused by overseas IPO is more serious,domestic IPO turns out to have a more significant positive effect on entrepreneurial innovation.

关 键 词：境内IPO 境外IPO 创业企业 创新 专利 

分 类 号：F832.5[经济管理—金融学] F273.1