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Volume 39 Issue 1
Feb.  2025
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Article Navigation >  Accounting and Economic Research  > 2025  >  39(1): 25-43
Jiang Lin, Bu Danlu. 2025. The Broken IPO from an Innovation Implementation Perspective: Evidence on the Informational Role of R&D Investment Efficiency. Accounting and Economic Research, 39(1): 25-43.
Citation: Jiang Lin, Bu Danlu. 2025. The Broken IPO from an Innovation Implementation Perspective: Evidence on the Informational Role of R&D Investment Efficiency. Accounting and Economic Research, 39(1): 25-43.
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The Broken IPO from an Innovation Implementation Perspective: Evidence on the Informational Role of R&D Investment Efficiency

  • 1.

    School of Accounting, Southwestern University of Finance and Economics, Chengdu Sichuan 611130, China

  • 2.

    School of Accountancy, Sichuan Vocational College of Finance and Economics, Chengdu Sichuan 610101, China

  • Received Date: 2024-04-07
    Available Online: 2025-05-27
  • Publish Date: 2025-02-25
    Abstract
  • This study examines the impact of R&D investment efficiency—a key indicator of innovation implementation—on the broken IPO, using a sample of firms listed on China’s sci-tech innovation board (STAR), and further explores the informational value of R&D efficiency in capital markets. The results show that lower R&D efficiency leads to greater broken IPO, with this effect primarily transmitted through analyst ratings and coverage. Heterogeneity analysis reveals that the relationship is more pronounced in subsamples with low strategic placement ratios, high investor attention, well-developed information channels, and strong innovation-oriented attributes. Additional analysis indicates that firms avoiding underpricing due to high R&D efficiency exhibit lower post-IPO premium reversal risk and superior long- and short-term market performance. The findings enrich the broken IPO literatures, deepen the understanding of its causes and the informational role of R&D efficiency, and also provide insights for regulators and investors to reassess firms’ innovation implementation capabilities, thereby enhancing capital market efficiency.

     

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