Investment dynamics and financial constraints in IPO firms
研究了IPO企业在上市后投资受融资约束的情况，发现资本支出显著下降，信息不对称和无形资产加剧了约束，且约束具有持续性。
Abstract We join research in entrepreneurship and corporate finance to investigate financial constraints on investments by IPO firms. The evidence indicates that IPO firms generally possess valuable growth opportunities, yet financial constraints also limit their ability to exploit them. Capital expenditures decline significantly post‐IPO, and information asymmetries between IPO firms and external capital providers help explain why some IPO firms are more financially constrained than others. Intangible assets that are often seen at the root of IPO firms' competitive advantages can also exacerbate external financing costs, constraining IPO firms' abilities to make future strategic investments. We also find that financial constraints are persistent, as they do not diminish as younger IPO firms mature. Copyright © 2009 Strategic Management Society.