Survival analysis demonstrates sustained IPO premium maintenance in newly public firms, highlighting the distinct market values of technological innovation versus commercialisation efficiency.
Innovation achieves its ultimate significance when effectively materialized. In contrast to R&D inputs, R&D efficiency better reflects the technological outcomes of corporate innovation and profoundly influences investor expectations. IPO premium maintenance, a key indicator of sound market valuation, directly embodies these expectations. Employing a survival analysis model and distinguishing between technological innovation efficiency and technological commercialisation efficiency, this study investigates how R&D efficiency affects IPO premium maintenance. Results show that R&D efficiency significantly promotes premium maintenance through two mechanisms: technological innovation efficiency enhances core technological capabilities, while technological commercialisation efficiency improves market competitiveness. Heterogeneity analyses reveal that technological commercialisation efficiency exerts stronger effects in non-technology sectors or high R&D-intensive firms, whereas technological innovation efficiency dominates in technology sectors or low R&D-intensive firms. Further analysis indicates that negative shifts in R&D efficiency significantly contribute to post-IPO price declines. This study advances the understanding of R&D efficiency’s informational value.
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Bu et al. (2026) studied this question.
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