企业自主研发、IPO折价与创新能力的信号效应——基于中国创业板上市公司的实证研究  

Indigenous Corporate R&D,IPO Underpricing and Signaling of Innovation Capability:An Empirical Research on Listed Companies of ChiNext Market

作　　者：徐欣[1] 夏芸[2] 李春涛[3] 

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073 [2]暨南大学国际商学院,广东珠海519070 [3]中南财经政法大学金融学院,湖北武汉430073

出　　处：《经济管理》2016年第6期71-85,共15页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"风险投资与企业技术创新投融资:作用机制和绩效研究"(71402189)

摘　　要：本文基于中国创业板市场特殊的制度环境,从企业自主研发和创新能力的角度对IPO折价给予了新的解释。本文发现,自主研发对于IPO折价有深远影响,技术研发的特性造成其具有信息不对称性和价值不确定性,进而导致IPO折价,研发投资越多,IPO折价越大。代表创新能力的专利和技术机密具有积极的信号效应,能够显著降低IPO折价,专利和技术机密数量越多,IPO折价越小。因此,公开披露创新能力的信息有助于发行人降低上市成本。此外,在战略性新兴产业公司和高科技企业中,自主研发和创新能力对于IPO折价的影响更加明显。本文结论对于深刻认识新兴资本市场中创新型企业IPO折价现象提供了理论基础,并为我国证券监管部门完善首次公开发行股票的信息披露,提高资本市场资源配置效率,大力推进创业板市场的健康发展提供了理论基础和决策依据。There is substantial evidence that on average,initial public offerings（IPO） are underpriced.When an offer price is below the price at the close of the first day of trading,an offering is said to be underpriced and the firm has ＂left money on the table＂.The first-day return also called the initial return.Using data on the IPOs of 355 Chinese firms of ChiNext market from 2009 to 2012,we find that average initial returns are 34%.This IPO underpricing rate is much higher than that of mature capital markets,such as the United States and Europe,as well as emerging capital markets,such as Argentina,Brazil and South American.If the IPO underpricing is too high,it will increase the cost of corporate financing,hinder the investment and growth of enterprises,will seriously hurt the enthusiasm of enterprises go public,especially the innovative enterprises that lack of financing channels.This is not conducive to the optimal resources allocation of Chinese ChiNext market.Therefore,the IPO underpricing is too high is not conducive to the implementation of the national strategy of independent innovation and healthy development of ChiNext market.The purpose of this article is to increase understanding of IPO underpricing in Chinese ChiNext market by examining the relationship between innovation and firm value in the market for initial public offerings.Based on the special environment of Chinese ChiNext market,this paper from the perspective of indigenous RD and innovation capability to gives a new interpretation on the IPO underpricing,drawing on the information asymmetries theory of underpricing.It is found that indigenous RD has significant effects on the IPO underpricing.The nature of RD causes information asymmetry and valuation uncertainty,thus leading to IPO underpricing.A higher RD investment induces a higher degree of IPO underpricing.In addition,on behalf of the innovation capability of patent and technical secrecy has a signal effect and can significantly reduce the IPO underpricing.The more number of patents,th

关 键 词：自主研发 IPO折价 创新能力 信号效应 

分 类 号：F276.44[经济管理—企业管理]