Given the importance of accessing capital to a firm's future, we analyze whether the initial public offering (IPO) costs impact the firm's future innovation. Using the firm's patents and patent citations as our measures of innovation, results indicate that firms with higher IPO costs experience lower initial post-IPO firm innovation. We also document that the relation between IPO costs and initial post-IPO firm innovation is stronger in financially constrained firms. Results hold across multiple measures of IPO costs as well as controlling for the level of pre-IPO innovation activity. We conclude that IPO costs are an important determinant of short-term post-IPO firm innovation.

中文翻译：

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IPO 成本会影响创新吗？

鉴于获取资本对公司未来的重要性，我们分析了首次公开募股 (IPO) 成本是否会影响公司未来的创新。使用公司的专利和专利引用作为我们对创新的衡量标准，结果表明，具有较高 IPO 成本的公司在 IPO 后的初始创新能力较低。我们还记录了 IPO 成本与初始上市后公司创新之间的关系在财务受限的公司中更强。结果适用于 IPO 成本的多种衡量标准以及对 IPO 前创新活动水平的控制。我们得出结论，IPO 成本是短期 IPO 后公司创新的重要决定因素。