融资约束下研发创新对IPO市场表现的影响——基于创业板公司的实证研究  

The Influence of R&D Innovation on Market Performance of IPOs Under Different Financing Constraint

作　　者：张志宏 史梦鸽 Zhang Zhihong;Shi Mengge(School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]中南财经政法大学会计学院

出　　处：《工业技术经济》2020年第2期3-12,共10页Journal of Industrial Technological Economics

基　　金：国家社会科学基金项目“中小上市公司超募融资与投资效率”(项目编号:12BJY018)

摘　　要：本文基于2009~2017年创业板上市公司IPO数据,考察公司研发创新对IPO市场表现的影响,以及该影响机制在IPO前面临不同融资约束程度的公司中是否有所差异;依据我国IPO制度变迁背景,对自2014年起实施的首日交易价格管制后的样本,采用其破板日(上市后首个非涨跌停板日)而非上市首日数据衡量,以体现真实的市场股价反应。研究表明:以研发投入与专利产出衡量公司研发创新时,两者均对IPO市场表现具有总体促进作用;公司在IPO前面临的融资约束较高时,短期会对IPO市场表现出一定放大作用,长期则表现为抑制作用并随时间推移逐渐减弱。本文由资本市场宏观环境出发并落脚于微观企业的研发创新行为及其表现,为IPO制度改革的深化及企业研发决策选择等提供借鉴参考。Based on the IPO data of listed companies from Growth Enterprises Market Board in 2009~2017,this paper tests the influence of R&D innovation on the market performance of IPOs and the role that financing constraint acts in this influence mec⁃hanism.According to China's IPO system background,the samples after 2014 are adjusted to their first breaking day of raising limit or limit down since listing day,so as to reflect the genuine market reaction.The results show that:both of R&D input and patent output which measure the R&D innovation have a positive effect on IPO performance;financing constraint generally presents a posi⁃tive moderated effect on short-term performance while shows a negative effect on long-term performance in the mechanism,and the inhibition effect on long-term performance decreases over time.This paper starts from the macro-environment of capital market and settles in R&D innovation performance of micro-enterprises,so as to provide reference to the reform of IPO system and the R&D choice of enterprises.

关 键 词：研发创新 IPO 市场表现 融资约束 创业板 多层次资本市场 理性投资决策 

分 类 号：F830.91[经济管理—金融学] F224