Resource Misallocation in New Ventures : The Case of Innovation Investment in ICT Industry
碩士 === 國立政治大學 === 財政學系 === 105 === Innovation activities have long been accredited by its crucial role to sustain continuous long-term economic growth. Recent studies nonetheless suggested severe problems of input misallocation associated with innovation investment. This research measures input misa...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2017
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| Online Access: | http://ndltd.ncl.edu.tw/handle/d3d5fy |
| Summary: | 碩士 === 國立政治大學 === 財政學系 === 105 === Innovation activities have long been accredited by its crucial role to sustain continuous long-term economic growth. Recent studies nonetheless suggested severe problems of input misallocation associated with innovation investment. This research measures input misallocations of venture capital supported business and identified significant underinvestment of new ventures right before their initial public offerings (IPOs). This is because new ventures have the incentives to adjust the reported earnings by cutting the R&D investment that is supposed to cut the current expense but not to affect short-term operational performance in the market. Therefore, new ventures would typically incur underinvestment in innovation activities right before IPOs.
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