IPO创新承诺与企业创新  

IPO Innovation Commitment and Corporate Innovation

作　　者：董峰 赵立彬 黄家澜 周芳芳 Feng Dong;Libin Zhao;Jialan Huang;Fangfang Zhou

机构地区：[1]海南师范大学经济与管理学院 [2]海南大学会计中外人文交流研究院 [3]武汉纺织大学会计学院

出　　处：《会计论坛》2022年第2期105-127,共23页Accounting Forum

基　　金：国家社会科学基金项目(19CJY006);海南省自然科学基金面上项目(722MS065)。

摘　　要：在推进国家创新驱动发展战略的背景下,资本市场如何影响企业创新是一个值得深究的学术话题。企业创新活动受其创新意愿和创新能力两个方面的影响,既有文献多围绕创新能力进行研究,鲜有文献关注创新意愿这一维度。本文从招股说明书中募集资金是否投向创新入手,考察IPO创新承诺对企业创新的影响。以A股市场2006~2017年IPO成功的企业为样本研究发现,IPO创新承诺能够显著促进企业创新。进一步,我们发现IPO创新承诺提高了企业过会概率,减弱了企业融资面临的不确定性,有利于企业保持创新活动的连贯性,进而推动创新,但这一效应仅在上市后的两年内显著,且无法实现高质量创新的持续。此外,我们还考察了IPO创新承诺的经济后果,研究发现,创新承诺可以降低IPO抑价幅度,并提升企业上市后的业绩。上述结果表明,尽管IPO创新承诺向市场传递出积极信号,但长期来看企业的创新表现并未得到延续,这意味着,IPO核准制在甄别企业创新能力方面缺乏效率。Under the background of promoting national innovation-driven development strategy,how capital market affects corporate innovation is an academic topic worthy of further study.Corporate innovation activities are influenced by the two aspects of their innovation willingness and ability,existing literature mostly focus on innovation ability,but pay little attention to the dimension of innovation willingness.This paper starts with whether the fund raised in the prospectus is invested in innovation or not,examines the impact of IPO innovation commitment on corporate innovation.Using the data of IPO companies in Ashare market from 2006 to 2017 as samples,results show that IPO innovation commitment can significantly enhance the corporate innovation.Further,we find that the IPO innovation commitment increases the probability to landing in the capital market,reduces the uncertainty faced by enterprise financing,benefits the coherence of its innovative activities,and then promotes innovation,but this effect only works best in two years after listing,and it can't achieve the continuous development of high-quality innovation.In addition,we also examined the economic consequences of IPO innovation commitment,the study find that innovation commitment can reduces IPO underpricingrange and improve post-IPO performance of companies.The above results show that,although IPO innovation commitment send a positive signal to the market,its innovation performance has not been sustained in the long run.This means that the current new share issuance censorship system is still inefficient in identifying the innovation ability of enterprises.

关 键 词：IPO创新承诺 企业创新 过会概率 IPO抑价 企业业绩 

分 类 号：F832.51[经济管理—金融学] F273.1