How Can New Ventures Command a Price Premium with Innovations in Emerging Markets?
How Can New Ventures Command a Price Premium with Innovations in Emerging Markets?
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DOI：
10.1111/radm.12316
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发表时间：
2018-09
期刊：
影响因子：
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通讯作者：
Haoping Xu;Haina Shi
中科院分区：
文献类型：
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作者：
Haoping Xu;Haina Shi
成功的融资对于新企业的生存和未来的可持续增长至关重要。新兴经济体的新创企业由于其独特的制度特征，在首次公开发行（IPO）过程中，将创新资本转化为有利的投资者反应（如支付意愿、支付意愿）尤为困难。基于一个独特的中国公司样本的专利记录，我们证明了新的企业可以成功地利用创新，以提高IPO的支付意愿，这取决于风险资本所有权和信誉良好的承销商背书的存在。这些金融中介机构可以向市场投资者发出由内而外的信号，以减少信息不对称。本文的研究为IPO创新价值的研究提供了有益的参考。我们还为新企业的管理者和投资者提供了实际的启示。我们为新企业的管理者和投资者提供了如何增加创新收益的建议，从而促进国家经济增长和社会福利。
Successful financing is critical for new ventures' survival and future sustainable growth. With the unique institutional characteristics, it is especially difficult for new ventures in emerging economies to transform innovation capital into favorable investor responses (such as willingness‐to‐pay, WTP) during the process of initial public offerings (IPOs). Based on the patent records from a unique sample of Chinese firms, we demonstrate that new ventures can successfully leverage innovation for higher WTP in IPOs contingent on the existence of venture capital ownership and reputable underwriter endorsements. These financial intermediates can send inside‐out and outside‐in signals to market investors to reduce information asymmetry. Our study contributes to research on the valuation of innovations in IPOs. We also provide practical implications to managers and investors of new ventures. We provide implication to managers and investors of new ventures on how to increase the benefits from innovations, which fosters national economic growth and social welfare.