融资依赖、IPO与创业板上市公司创新投资  

Financing dependence,IPO and innovation investment of GEM listed firms

作　　者：胡永平[1] Hu Yongping(Accounting School,Chongqing University of Technology,Chongqing 400054,China)

机构地区：[1]重庆理工大学会计学院,重庆400054

出　　处：《科研管理》2022年第3期117-124,共8页Science Research Management

摘　　要：以2009—2014年创业板上市公司首次公开募股(initial public offering,IPO)前后3年数据为样本,构建双重差分模型,实证研究了IPO对企业创新投资的影响和不同融资依赖企业IPO创新影响的差异及其原因。实证结果表明:IPO后企业创新投资显著下降,且外部融资依赖企业IPO后创新投资下降幅度显著大于内部融资依赖企业,因为外部融资依赖企业风险投资参与比例和持股比例较高,IPO后风险投资对企业创新的负影响显著,体现了IPO后企业高管和投资者在市场短期盈利压力的“短视”行为。这为科创板市场弱化短期盈利的监管以强化企业持续创新的动力提供了经验证据。Scientific and technological innovation is a key dynamic of China′s economic development in the"New Normal"Economy,and the strategy of innovation-driven economic development has been put forward since 2012.Especially,corporate innovation is one of the most important parts of national innovation system.According to statistics,nearly two thirds of invention patents are applied by domestic firms up to the end of 2018 and present the trend of increasing year by year.Therefore,it is necessary to encourage corporate innovation and investment in research and development to implement the strategy of innovation-driven economic development.Although the existing studies show that not only many macro factors such as policy uncertainty,government subsidies and tax credit,but also many micro factors such as monitoring of board of directors,CEO incentives,transparency of accounting information of listed firms have influences on corporate innovation investment,it is easy for corporate innovation to face problems of financial constraints because of high risk of technological innovation.The studies aboard indicate that the development of capital market is helpful to promote corporate innovation investment because capital market will make firms′financing to be much more convenient,but the research conclusions of effects of the development of domestic capital market on corporate innovation investment are very mixed.Why?It is worthy to further study the reasons that the development of China′s capital market would not improve corporate innovation investment.By using unbalanced panel data of listed firms on Growth Enterprise Market(GEM)between 2009 and 2014 and building Difference-In-Difference(DID)model,the paper has studied the effect of capital market on corporate innovation by analyzing the changes of corporate innovation after initial public offering(IPO)in order to discuss whether corporate innovation increases by easing its financial constraints or corporate innovation decreases because of its executives′myopia behavior.

关 键 词：企业创新投资 融资依赖 IPO 

分 类 号：F273.1[经济管理—企业管理]