Listing Years and Dual Innovation: The Moderating Effect of Slack.

As an important way to expand financing channels, the listing can significantly improve the enterprises' comprehensive competitiveness. However, few studies pay attention to the continuous impact of listing years on enterprise innovation. Based on the sample data of Chinese enterprises before and after listing from 2004 to 2017, this paper discusses the relationship between the listing years and dual innovation. And analyzes the moderating effect of slack. The research shows that the listing years are related to the quantity and quality of innovation in the inverted U-shaped, but the inflection point of the innovation quantity is later than the innovation quality. Before listing, the innovation quantity and quality increased; after listing, the innovation quantity first increased and then decreased, while the innovation quality declined. High slack makes the inverted U-shaped relationship between the listing years and innovation quality steeper. [ABSTRACT FROM AUTHOR]