研发投入、风险资本与IPO抑价——基于科创板上市公司的实证研究  

R&D Investment,Venture Capital and IPO Underpricing——Empirical Study of IPO Companies in STAR Market

作　　者：李如秒 赖普清[2] LI Ru-miao;LAI Pu-qing(School of Finance and Management,Zhejiang Financial College,Hangzhou 310018;School of Economics,Zhejiang University,Hangzhou 310027,China)

机构地区：[1]浙江金融职业学院金融管理学院,浙江杭州310018 [2]浙江大学经济学院,浙江杭州310027

出　　处：《山西财经大学学报》2024年第7期63-75,共13页Journal of Shanxi University of Finance and Economics

摘　　要：以2019年7月22日至2021年12月31日在科创板上市的354家公司为对象,实证分析研发投入强度对IPO抑价的影响。研究发现,企业上市前的研发投入显著加大科创板企业IPO抑价水平;风险资金的引入情况、科创板上市公司所在区域的差异使得影响效应存在差异。同时,风投联合投资状况、机构声誉以及主导风投机构持股时长作为传导机制所发挥的调节效应也存在差异。随后,从引导中小投资者理性投资、加强科创板企业信息披露、审慎选择风险投资机构、风投资本应聚焦自身定位发展、监管机构应加快投资市场一体化建设等方面提出建议。Based on 354 companies listed on the STAR Market(Science and Technology Innovation Board)from July 22,2019 to December 31,2021,this empirical analysis examined the impact of the intensity of research and development(R&D)investment on IPO underpricing.The findings revealed that,higher pre-IPO R&D investments significantly exacerbated the level of IPO underpricing among STAR Market firms.Variations in the presence of venture capital(VC),as well as differences across regions where STAR Market-listed companies were located,both led to diferential effect.Furthermore,disparities emerged in the moderating effect being exerted by syndication patterns among VCs,institutional reputation,and the duration of leading VC holdings as transmission mechanisms.Consequently,recommendations were put forth to guide small and medium investors towards rational investments,enhance disclosure practices of STAR Market firms,advise prudence in selecting VC firms,encourage VCs to concentrate on their strategic development,and urge regulatory bodies to expedite the integration of investment markets.

关 键 词：研发投入 风险资本 IPO抑价 信息披露 科创板 

分 类 号：F275[经济管理—企业管理]