创业板公司公开上市对研发投入的影响分析  

The Effects of GEM Firms’ IPO on Their R&D Investment

作　　者：李丹蒙[1] 孙淑伟[2] 颜恩点 Li Danmeng;Sun Shuwei;Yan Endian(School of Business,East China University of Science and Technology,Shanghai 200237;Accounting School,Shanghai University of International Business and Economics,Shanghai 201620;School of Management,Shanghai University,Shanghai 200444)

机构地区：[1]华东理工大学商学院,上海200237 [2]上海对外经贸大学会计学院,上海201620 [3]上海大学管理学院,上海200444

出　　处：《管理评论》2019年第11期115-127,共13页Management Review

基　　金：国家自然科学基金青年项目(71502060; 71602112);上海市晨光计划项目(15CG57)

摘　　要：本文以"动态"的视角来分析公开上市是否影响了企业的研发投入。具体来说,本文使用中国创业板上市公司的数据,采用倍差法的实证研究设计,发现创业板公司公开上市改变了企业持续性研发投入模式,进而使企业研发投入降低,即与上市前相比上市后的研发投入更低。进一步的分析发现,降低的因素来自上市引发的股权分散、代理问题以及其业绩压力,而上市资格的优势--募集的资金和股权的流动性,则引导了企业在增长方向的选择上更多地依靠外部并购。本文的研究结果显示,在对研发投入这一企业创新重要的衡量变量影响上,公开上市给创业板公司带来的成本超过了上市带来的收益。本文的发现对IPO经济后果及长期业绩表现的研究文献做出了补充,也丰富了企业创新的有关研究成果。In this paper,we adopt a dynamic perspective to analyze whether a company’s IPO will affect its R&D investment. Specifically,we use China Growth Enterprise Market( GEM) companies as our sample with small-medium size main board companies as matching sample and conduct an empirical analysis based on a Difference-In-Difference( DID) research design. Our results show that there is a negative relationship between IPO and R&D expenditures. Agency issue and short-termism pressure are the important reasons for the above findings. We also find that post-IPO firms’ growth strategy relies more on external merger and acquisitions than on internal innovation input. The net effect of IPO on a firm’R&D investments is negative as the costs may be larger than the benefits from IPO. The results add more evidence on the research of the economic consequences of IPO and long-run performance and enrich the literature regarding firms’ innovation behaviors.

关 键 词：公开上市 研发投入 代理问题 短视主义 

分 类 号：F83[经济管理—金融学]