Study on the Influence of IPO Over-funding on Enterprise Innovation
In order to explore the impact of IPO over-funding on enterprise innovation, the A-share listed enterprises in Shanghai and Shenzhen from 2018 to 2021 are selected as the initial samples, and the empirical test is conducted after propensity score matching method. It is found that IPO over-funding can promote enterprise innovation. Free cash flow and managers' overconfidence are the channel mechanism of the influence of IPO over-funding on enterprise innovation. Moreover, by differentiating the types of innovation, it is found that IPO over-funding can only promote "substantive innovation", but has no significant impact on "strategic innovation". Further research shows that IPO over-funding has a significant promoting effect on innovation in enterprises with CEO duality, enterprises with good investment opportunities and enterprises with higher financing constraints.The conclusions help external entities understand, provide guidance on and supervise the use of over raised funds, leveraging the positive significance of IPO over-funding.
万方数据
维普
