Het IMF heeft startende bedrijven in China onder de loep genomen. Wat blijkt? Een beursgang leidt tot meer en betere innovatie van die bedrijven. De Engelstalige conclusie luidt:
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Our findings confirm that the impact of IPOs on innovation varies across firms’ financial constraints, corporate governance structures, and ownership. In particular, privately owned firms facing tighter financial constraints—with governance structures better aligning the interests of managers and stockholders— see a larger increase in innovation after an IPO. We believe that our findings concerning the positive impact of IPOs on relaxing financial constraints is the key to understanding why firms increase the quality and quantity of innovation after IPOs in China.
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Bron: http://www.imf.org/en/Publications/WP/Issues/2017/06/29/Does-the-Stock-Market-Boost-Firm-Innovation-Evidence-from-Chinese-Firms-44983
