股票发行制度与初创科技型企业估值:基于准自然实验的证据  

Stock Issue System and Valuation of High-tech Startups:Evidence from a Natural Experiment

作　　者：彭涛 朱冠平 王俊[4] 经菠 Peng Tao;Zhu Guanping;Wang Jun;Jing Bo(Management College,Ocean University of China;China Business Working Capital Management Research Center;School of Finance,Jiangxi University of Finance and Economics;School of Management Science and Engineering,Southwest University of Finance and Economics;PBC School of Finance,Tsinghua University)

机构地区：[1]中国海洋大学管理学院 [2]中国企业营运资金管理研究中心 [3]江西财经大学金融学院 [4]西南财经大学管理科学与工程学院 [5]清华大学五道口金融学院

出　　处：《南开管理评论》2024年第4期141-152,共12页Nankai Business Review

基　　金：广东省自然科学基金面上项目(2022A1515011127);山东省自然科学基金项目(ZR2023MG012);四川省自然科学基金项目(23NSFSC3330)资助。

摘　　要：股票发行注册制改革是新时代我国完善资本市场基础制度的重大举措。本文利用我国首次试点注册制产生的准自然实验,从初创科技型企业估值定价视角,评估股票发行制度改革效果。双重差分模型显示:注册制取代核准制后,风险投资对首轮融资的初创科技型企业的估值显著提升;以专利数量和专利原创性作为创新能力的代理指标,本文发现注册制实施后创新能力更强的初创科技型企业估值提高更多;相对于外资风险投资,本土风险投资支持的初创科技型企业在注册制改革后估值提高幅度更大;企业所在地区的知识产权保护力度更好时,注册制改革后初创科技型企业的估值提高更多;注册制改革对初创科技型企业估值的提升作用持续并传导至首次公开发行,并最终实现风险投资成功退出。排除新企业创建、风险投资套利以及样本选择偏差等问题后,结论保持稳健。Venture capital investors can provide start-up capital for technology-based startups and accompany their growth.Reasonable valuation and pricing are prerequisites for venture capital investors and start-ups to complete investment and financing transactions.The reform of the stock issuance system can change the valuation and pricing of start-up technology enterprises by influencing the expected returns of venture capital investors.Identifying the relation between issue system of new shares and the valuation of start-ups in technology-based enterprises has empirical challenges.Firstly,many countries gradually change the pace of new stock issuance,but there are very few countries that change the system of new stock issuance.Secondly,the new stock issuance system is usually aimed at all enterprises,making it difficult to find the experimental and control groups required for causal identification.The reform of the registration system has provided empirical situation for this study through quasi natural experiments.During the pilot period of the registration system on the Science and Technology Innovation Board in China,the registration system was applied to the six major science and technology innovation industries,including the new generation of information technology,high-end equipment,and new materials,while the approval system was applied to other non-science and technology innovation enterprises.This is beneficial for this article to use the double difference method for policy evaluation.According to the enterprise name,this paper matches Zero2IPO database,China National Intellectual Property Administration data and Tianyancha website to obtain relatively complete data of start-ups.This paper takes the first round of financing enterprises from Q12016 to Q12020 as the sample,science and technology innovation enterprises are the experimental group,and non-science and technology innovation enterprises are the control group.It was found that after adopting the registration system and proxy approval system,venture cap

关 键 词：首次公开发行 股票发行注册制 风险投资 创新能力 估值 

分 类 号：F832.51[经济管理—金融学] F275F276.44