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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/64031

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題名:	Innovation activity and corporate financing: evidence from a developing economy
作者:	詹凌菁 Chan, Ann Ling-Ching
貢獻者:	會計系
關鍵詞:	innovation activity;patents;external financing;capital markets
日期:	2012
上傳時間:	2014-02-19 16:54:35 (UTC+8)
摘要:	The present study investigates the extent to which technology-related asymmetric information between corporate managers and outside investors has an adverse effect on the external financing activities of innovation-intensive firms. The results indicate that innovation-intensive firms are more likely to engage in equity financing when their valuation multiples are higher than those of their industry peers. This finding is more pronounced among firms with low institutional shareholdings and fewer brokers following them. The empirical evidence supports the misvaluation explanation, as well as the timing and type of security issuance if the agency problem is severe. The findings provide insights into the timing of company financing choices in a highly innovative developing economy.
關聯:	Applied Financial Economics, 22(20), 1665-1678
資料類型:	article
DOI 連結:	http://dx.doi.org/10.1080/09603107.2012.667547
DOI:	10.1080/09603107.2012.667547
顯示於類別:	[會計學系] 期刊論文

文件中的檔案:

檔案	描述	大小	格式	瀏覽次數
16651678.pdf		165Kb	Adobe PDF2	1237	檢視/開啟

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