实物资本、智力资本与IPO抑价的相关性研究——基于我国创业板上市公司的实证分析  

A Correlative Research on Physical Capital,Intellectual Capital and IPO Underpricing——Based on the Empirical Analysis of Listed Companies on GEM

作　　者：江乾坤[1] 邢静依 冯飞 

机构地区：[1]杭州电子科技大学会计学院,浙江杭州310018 [2]中国电子进出口总公司,北京100036

出　　处：《杭州电子科技大学学报（社会科学版）》2013年第2期21-26,共6页Journal of Hangzhou Dianzi University：Social Sciences

基　　金：教育部人文社科基金项目(12YJC630072);国家自然科学基金项目(71172098);浙江省哲学社会科学项目(11YD17YB)

摘　　要：知识经济时代,智力资本已成为企业价值创造的首要驱动因素。通过选取我国创业板100家上市公司样本,实证研究发现:创业板上市公司的智力资本及人力资本与IPO抑价率呈显著正相关,结构资本、实物资本对IPO抑价率的解释作用不大;行为金融理论能够较好地解释创业板IPO抑价现象。In the era of knowledge economy,intellectual capital has become the primary driving factor to create value for companies.This paper chooses 100 companies from ChiNext as its research sample,with which the empirical analysis finds that the intellectual capital and the human capital is significantly positive related to the IPO underpricing,while the physical capital and the structural capital just show a little correlation on it,and the behavioral finance theory can be applied to explain the phenomenon of IPO underpricing.

关 键 词：实物资本 智力资本 人力资本 结构资本 IPO抑价 VAIC法 

分 类 号：F832.51[经济管理—金融学] F224