Abstract
This study builds a theoretical model, empirically testing the impact of timeliness value of technological innovation on initial public offering (IPO) timing and underpricing based on Chinese IPO. And a posteriori study is conducted from the two perspectives of growth value and competitive value in the product market after IPO. The results are as follows: (1) The greater the timeliness value of technological innovation, the more likely firms will go public early.(2) When firms go public early, the timeliness value of technological innovation will affect the ceiling of IPO underpricing that firms can bear, which means that the timeliness value of technological innovation is positively correlated with the degree of underpricing. (3) For firms that go public early with high IPO underpricing, the timeliness of technological innovation has a greater positive effect on the growth performance and competitiveness in the product market after IPO. Therefore, timeliness of technological innovation is more likely to be involved in firms’ decisions of going public early with high underpricing.
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