IPO超募资金与研发平滑:阻力还是助力?  

IPO Overfunding and R&D Investment Smoothness:Resistance or Assistance?

作　　者：徐辉 周兵[1,2] 周孝华[3] XU Hui;ZHOU Bing;ZHOU Xiao-hua(Research Center for Economy of Upper Reaches of the Yangtze River,Chongqing Technology and Business University, Chongqing 400067,China;School of Accounting, Chongqing Technology and BusinessUniversity, Chongqing 400067,China;School of Economics and Business Administration, Chongqing University,Chongqing 400044,China)

机构地区：[1]重庆工商大学长江上游经济研究中心,重庆400067 [2]重庆工商大学会计学院,重庆400067 [3]重庆大学经济与工商管理学院,重庆400044

出　　处：《商业研究》2020年第9期36-44,共9页Commercial Research

基　　金：国家自然科学基金面上项目,项目编号:71973018;国家社会科学基金重点项目,项目编号:18AGL009;重庆市社科联项目,项目编号:2016QNGL54;高层次人才启动项目,项目编号:2055015。

摘　　要：研发投入平稳性与企业竞争优势的持久性密切相关,本文以创业板市场上普遍存在的IPO超募融资现象为切入点,并利用2009—2018年度创业板IPO公司的相关数据实证分析IPO超募资金对研发平滑的影响机理及其产品市场竞争效应。结果表明:创业板上市公司存在研发平滑行为,且IPO超募资金对研发平滑具有显著的抑制效应;完善内部公司治理和投资者法律保护制度可以弱化IPO超募资金对研发平滑的抑制效应;IPO超募资金抑制研发平滑行为可能是通过诱发代理冲突和业绩下滑等潜在路径实现的;IPO超募资金会抑制研发平滑的产品市场竞争效应,且这一现象在高平滑企业中更显著。The stability of R&D investment is closely related to the persistence of enterprises′competitive advantages.This paper takes the IPO overfunding phenomenon in GEM market as the breakthrough point,and uses the relevant data of GEM IPO companies in 2009-2018 to empirically analyze the impact mechanism of IPO overfunding on R&D smoothness and the product market competition effect.The results show that:GEM listed companies have R&D smoothing behavior,and IPO overfunding have a significant inhibitory effect on R&D smoothing;improving internal corporate governance and investor legal protection system can weaken the inhibition effect of IPO overfunding on R&D smoothing;IPO overfunding may inhibit the R&D smoothing behavior by inducing agency conflicts and performance decline;IPO overfunding will inhibit the product market competition effect of R&D smoothing,and this phenomenon is more significant in high smooth enterprises.

关 键 词：IPO超募资金 研发平滑 公司治理 投资者法律保护 产品市场竞争绩效 

分 类 号：F83[经济管理—金融学]