|
|
|
| Why IPOs Reduce Firms’ Productivity? |
| KONG Dongmin, WANG Yanan, DAI Yunhao
|
School of Economics,Huazhong University of Science and Technology;
School of Economics,Fudan University |
|
|
|
|
Abstract Based on private firms’ data, this paper measures the total factor productivity(TFP)from the micro-perspectives. Furthermore, we study the effect of IPO on enterprise’s innovation behaviors and TFP from the perspective of point of institutional incentives. First, the within-firm test finds that TFP declines significantly after IPO. Second, to overcome the life cycle effect, we reselect the sample by propensity score matching and perform the between-firm test. Other things being equal, the long-run TFP of public firm is lower than private firm. Finally, we separate the whole sample into two subsamples based on CEO duality, intellectual rights protection system and inventors’ departure, finding that all three incentives (i.e., managerial incentives, information disclosure incentives and inventors’ incentives) play important roles in the effect of IPO on TFP. Our findings reveal that firms face a complex trade-off between easing access to capital and decreasing productivity during the transition to public equity markets.
|
|
Received: 20 March 2014
Published: 19 April 2018
|
|
|
|
|
| [1] |
高静美,2009,《基于目标企业类型差异的购并绩效改善策略研究》,《财经问题研究》第10期,第37~45页。<br />
|
| [2] |
孔东民、刘莎莎和王亚男,2013,《市场竞争、产权与政府补贴》,《经济研究》第2期,第55~67页。<br />
|
| [3] |
王凤荣和李靖,2005,《上市公司与非上市公司的绩效对比》,《南开经济研究》第6期,第99~104页。<br />
|
| [4] |
吴联生、薄仙慧和王亚平,2007,《避免亏损的盈余管理程度》,《会计研究》第2期,第44~51页。<br />
|
| [5] |
鞠晓生、卢荻和虞义华,2013,《融资约束、营运资本管理与企业创新可持续性》,《经济研究》第1期,第4~16页。<br />
|
| [6] |
陆正飞和魏涛,2006,《配股后业绩下降:盈余管理后果与真实业绩滑坡》,《会计研究》第8期,第52~59页。<br />
|
| [7] |
陈小悦、肖星和过晓艳,2000,《配股权与上市公司利润操纵》,《经济研究》第1期,第30~36页。<br />
|
| [8] |
吴延兵,2006,《R&D与生产率》,《经济研究》第11期,第60~71页。<br />
|
| [9] |
史宇鹏、昂达和陈永伟,2013,《产权保护与企业存续》,《管理世界》第8期,第118~135页。<br />
|
| [10] |
罗党论和唐清泉,2009,《中国民营上市公司制度环境与绩效问题研究》,《经济研究》第2期,第106~118页。<br />
|
| [11] |
鲁晓东和连玉君,2012,《中国工业企业全要素生产率估计:1999-2007》,《经济学季刊》第1期,第541~558页。<br />
|
| [12] |
Arrow, Kenneth. 1962. “Economic Welfare and the Allocation of Resources for Invention,in the Rate and Direction of Inventive Activities” Princeton University Press, 609~626.<br />
|
| [13] |
Asker, John, Joan Farre-Mensa, and Alexander Ljungqvist. 2011. “Does the Stock Market Distort Investment Incentives” European Corporate Governance Institute, Working Paper. <br />
|
| [14] |
Bernstein, Shai. 2011. “Does Going Public Affect Innovation” Stanford Graduate School of Business Research Paper, No.2126.<br />
|
| [15] |
Bertrand, Marianne, and Sendhil Mullainathan. 2003. “Enjoying the Quiet Life? Corporate Governance and Managerial Preferences” <i>Journal of Political Economy, 111(5):1043~1075.</i><br />
|
| [16] |
Bhattacharya, Sudipto, and Jay R. Ritter. 1983. “Innovation and Communication: Signaling with Partial Disclosure” <i>Review of Economic Studies, 50(2):331~346.</i><br />
|
| [17] |
Chemmanur, Thomas J., Shan He, and Debarshi K. Nandy. 2010. “The Going-Public Decision and the Product Market”<i> The Review of Financial Studies, 23(5):1855~1908.</i><br />
|
| [18] |
Crépon, B., E. Duguet, and J. Mairessec. 1998. “Research, Innovation, and Productivity”<i> Economics of Innovation and New Technology, 7(1):115~156.</i><br />
|
| [19] |
Diewert, W. 1976. “Exact and Superlative Index Numbers” <i>Journal of Econometrics, 4(2):115~146.</i><br />
|
| [20] |
Ferreira, Daniel, Gustavo Manso, and Andre C. Silva. 2014. “Incentives to Innovate and the Decision to Go Public or Private”<i> The Review of Financial Studies, 27(1):256~300.</i><br />
|
| [21] |
Hadlock, Charles J., and Joshua R. Pierce. 2010. “New Evidence on Measuring Financial Constraints: Moving Beyond the KZ index”<i> Review of Financial Studies, 23(5):1909~1940.</i><br />
|
| [22] |
Hirshleifer, Jack. 1971. “The Private and Social Value of Innovation and the Reward to Inventive Activity” <i>American Economic Review, 61(4):561~574.</i><br />
|
| [23] |
Jain, Bharat A., and Omesh Kini. 1994. “The Post-Issue Operating Performance of IPO Firms” <i>Journal of Finance, 49(5):1699~1726.</i><br />
|
| [24] |
Lian, Y., Z. Su, and Y. Gu. 2011. “Evaluating the Effects of Equity Incentives using PSM: Evidence from China”<i> Frontiers of Business Research in China, 5(2):266~290.</i><br />
|
| [25] |
Maksimovic, Vojislav, and Pegaret Pichler. 2001. “Technological Innovation and Initial Public Offerings” <i>Review of Financial Studies, 14(2):459~494.</i><br />
|
| [26] |
Park, Walter G., and Juan Carlos Ginarte. 1997. “Intellectual Property Rights and Economic Growth”<i> Contemporary Economic Policy, 15(3):51~61.</i><br />
|
| [27] |
Pástor, Taylor, and Veronesi. 2009. “Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability”<i> Review of Financial Studies, 22(8):3005~3046.</i><br />
|
| [28] |
Rosenbaum, Paul R., and Donald B. Rubin. 1983. “The Central Role of the Propensity Score in Observational Studies for Causal Effects”<i> Biometrika, </i>70(1):41~55.<br />
|
| [29] |
Shleifer, Andrei, and Robert W. Vishny. 1989. “Management Entrenchment: The Case of Manager-specific investments” <i>Journal of Financial Economics, 25(1):123~139.</i><br />
|
| [30] |
Stein, Jeremy C. 1989. “Efficient Capital Markets, Inefficient Firms: A Model of Myopia Corporate Behavior” <i>Quarterly Journal of Economics, 104(4):655~669. </i><br />
|
| [31] |
T rnqvist, Leo. 1936. “The Bank of Finland’s Consumption Price Index”<i> Bank of Finland’s Monthly Bulletin, 10: 27~34.</i>
|
|
|
|
