IPO超募对企业创新的影响研究  

Study on the Influence of IPO Over-fundingon Enterprise Innovation

作　　者：赵榕[1] 陈良华[1] ZHAO Rong;CHEN Lianghua(Southeast University,Nanjing Jiangsu 211189,China)

机构地区：[1]东南大学,江苏南京211189

出　　处：《北京经济管理职业学院学报》2024年第2期28-35,共8页Journal of Beijing Institute of Economics And Management

基　　金：江苏省社科基金重点项目“新发展格局下江苏省新型科研机构成长机制与对策研究”(21GLA005)。

摘　　要：为探究IPO超募对企业创新的影响,研究选取我国2018—2021年沪深A股上市企业为初始样本,经过倾向性匹配方法后进行实证检验。回归发现企业IPO超募能够促进企业创新。自由现金流和管理者过度自信是IPO超募对企业创新影响的渠道机制。通过区分创新类型发现,IPO超募仅能促进“实质性创新”,而对“策略性创新”的影响不显著。进一步研究发现,IPO超募在两职合一的企业、具有良好投资机会的企业以及融资约束更高的企业中对创新的促进效应显著。研究结论有助于外部主体有针对性了解、引导和监督超募资金的使用情况,进而发挥IPO超募的积极意义。In order to explore the impact of IPO over-funding on enterprise innovation,the A-share listed enterprises in Shanghai and Shenzhen from 2018 to 2021 are selected as the initial samples,and the empirical test is conducted after propensity score matching method.It is found that IPO over-funding can promote enterprise innovation.Free cash flow and managers'overconfidence are the channel mechanism of the influence of IPO over-funding on enterprise innovation.Moreover,by differentiating the types of innovation,it is found that IPO over-funding can only promote"substantive innovation",but has no significant impact on"strategic innovation".Further research shows that IPO over-funding has a significant promoting effect on innovation in enterprises with CEO duality,enterprises with good investment opportunities and enterprises with higher financing constraints.The conclusions help external entities understand,provide guidance on and supervise the use of over raised funds,leveraging the positive significance of IPO over-funding.

关 键 词：自由现金流 管理者过度自信 两职合一 投资机会 融资约束 

分 类 号：F830.9[经济管理—金融学]