文献类型：期刊文献

英文题名：The distinct signaling effects of R & D subsidy and non-R & D subsidy on IPO performance of IT entrepreneurial firms in China

作者：Chen, Jin[1];Heng, Cheng Suang[2];Tan, Bernard C. Y.[2];Lin, Zhijie[3]

机构：[1]East China Univ Sci & Technol, Sch Business, 130 Meilong Rd, Shanghai 200237, Peoples R China;[2]Natl Univ Singapore, Dept Informat Syst & Analyt, Comp 2,15 Comp Dr, Singapore 117418, Singapore;[3]Nanjing Univ, Dept Mkt & Elect Business, 22 Hankou Rd, Nanjing 210093, Jiangsu, Peoples R China

年份：2018

卷号：47

期号：1

起止页码：108

外文期刊名：RESEARCH POLICY

收录：;EI(收录号：20174404324312);WOS:【SSCI(收录号:WOS:000418976900010)】；

基金：We thank the editor and three anonymous referees for useful comments. This work was supported by the National Natural Science Foundation of China [grant numbers 71772061, 71302041, 71502079, 71732002]; and the Fundamental Research Funds for the Central Universities [grant number WN1522002].

语种：英文

外文关键词：signaling effect; R & D subsidy; non-R & D subsidy; state ownership; patent intensity; IPO performance

摘要：This study investigates how R & D subsidy and non-R & D subsidy affect entrepreneurial firms' initial public offering (IPO) performance in an emerging economy like China. Analyzing data from 269 IT (information technology) entrepreneurial firms in China, we found that R & D subsidy has an inverted U-shape effect on IPO performance, while non-R & D subsidy has a positive effect on IPO performance. Furthermore, both state ownership and patent intensity moderate the inverted U-shape relationship between R & D subsidy and IPO performance. In contrast, neither of them moderates the positive relationship between non-R & D subsidy and IPO performance. These findings contribute to the literature on the effectiveness of government subsidy by highlighting the symbolic effect of government subsidy on external financing in emerging economies, and offer important practical implications to entrepreneurial firms and government funding agencies in China.