| Author: | Yu, Chi Ping Calvin |
| Title: | Chinese new third board financing: do innovation and intellectual property rights matter? |
| Advisors: | Wei, Steven (AF) |
| Degree: | D.B.A. |
| Year: | 2020 |
| Subject: | Corporations -- China -- Finance Technological innovations -- Economic aspects Intellectual property -- Economic aspects Hong Kong Polytechnic University -- Dissertations |
| Department: | Faculty of Business |
| Pages: | ix, 113 pages : color illustrations |
| Language: | English |
| Abstract: | This thesis studies the causal relations of (i) Innovation, (ii) Intellectual Property rights (IPRs) protection and (iii) institutional investors with (a) the likelihood and duration of first-time financing and (b) duration of SEOs events in the National Equities Exchange and Quotations (NEEQ). The post-first-time financing firm performances such as the accounting performances and innovation performances, are also investigated. By using a selected sample of the firms listed in the Chinese New Third Board for the period between 2015 and 2018, empirical results reveal that there is no single variable to get first-time financing faster with higher probability and more substantial amount. Trademarks and software copyrights have a positive effect on first-time financing. In contrast, the number of institutional investors is negatively correlated to first-time financing. The first-time financing amount is positively and strongly affected by trademarks. Negative and significant correlations between patent and software copyrights with the duration of first-time financing are found. Patent, trademarks, software copyrights and institutional investors are all negatively and significantly correlated to SEOs durations. The first-time financing event does not contribute to the post-financing accounting performance, which aligns with the prior literature for the post-issue operating performance of IPO firms (Jain and Kini,1994). The evidence provides a clear direction to the firms matching their company's innovation and intellectual property rights protection with the professional investors' appetites and behaviours. It shed lights on to the topics related to intellectual property protections, first-time financing and SEOs in NEEQ. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 5248.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 2.08 MB | Adobe PDF | View/Open |
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