技术创新、异质性与制造业企业IPO后质量研究  

Research on Technological Innovation,Heterogeneity and the Quality of Post-IPO Firms

作　　者：胡志强[1] 盛梦君 Hu Zhiqiang;Sheng Mengjun(School of Economics & Management,Wuhan University,Wuhan 430072,China)

机构地区：[1]武汉大学经济与管理学院,武汉430072

出　　处：《工业技术经济》2020年第5期47-56,共10页Journal of Industrial Technological Economics

基　　金：国家自然科学基金面上项目“多主体交互作用下基于随机微分博弈的IPO决策机理研究”(项目编号:71471142)。

摘　　要：本文基于1992~2018年间中国主板上市制造业公司数据,采用倾向得分匹配和生存分析方法研究了技术创新对制造业企业IPO后存续时间和生存风险的影响。研究结果表明:技术创新显著影响企业IPO后的存续时间,可以降低企业61.4%的生存风险率,实质性创新更有益于企业存续和发展;异质性检验结果表明技术创新对非国有中等规模中西部资本密集型企业的存续的积极作用更大。本文为上市企业IPO后质量的研究提供了一个新的重要视角,对促进企业技术创新提高其生存率,促进资本市场健康发展具有一定的理论和现实意义。Based on the data of Chinese mainboard-listed manufacturing companies from 1992 to 2018,this paper studies the influence of technological innovation on survival time and survival risk of manufacturing enterprises after IPO by means of propensity score matching and survival analysis.The research results show that technological innovation significantly affects the survival time of enterprises after IPO and can reduce the survival risk rate by 61.4%.Substantive innovation is more beneficial to the survi-val and development of companies,The results of heterogeneity test show that technological innovation plays a more positive role in the survival of non-state-owned,medium-sized,midwestand capital-intensive enterprises.This paper provides a new and important perspective for the research on the quality of listed firms,and also has theoretical and practical significance for promoting the technological innovation of enterprises to improve their survival rate and promote the healthy development of capital market.

关 键 词：技术创新 IPO企业存续 异质性 生存分析 制造业 Cox风险比例模型 

分 类 号：F424.6[经济管理—产业经济] F273.1