IPO审核过会对同行企业创新的影响研究  

Research on the effects of IPO approval on peer enterprises′innovation

作　　者：陈世来 李青原[2] Chen Shilai;Li Qingyuan(School of Management,Huazhong University of Science and Technology,Wuhan 430074,Hubei,China;School of Economics and Management,Wuhan University,Wuhan 430072,Hubei,China)

机构地区：[1]华中科技大学管理学院,湖北武汉430074 [2]武汉大学经济与管理学院,湖北武汉430072

出　　处：《科研管理》2024年第8期115-125,共11页Science Research Management

基　　金：国家自然科学基金青年项目:“注册制下强化承销商监管对IPO定价效率的影响研究”(72302094,2024.01—2026.12);国家自然科学基金重点项目:“环境治理目标下的公司财务、会计和审计行为研究”(72332003,2024.01—2028.12);中央高校基本科研业务费专项资金:“金融强监管对企业税收规避的影响研究:理论、机制与经济后果”(2023WKYXQN042,2023.07—2024.06)。

摘　　要：创新是企业获取竞争优势及推动宏观经济高质量发展的主要驱动力量,资本市场在优化资源配置中发挥重要作用,而IPO市场作为资本市场的重要组成部分,是助推企业创新、落实创新驱动发展战略的重要载体。本文以2005—2019年中国A股非金融类上市企业数据为样本,使用固定效应回归模型,实证检验IPO审核过会对同行在位者企业创新活动的影响及其经济后果。结果发现,IPO审核过会显著提高了同行企业创新投入,且IPO审核过会企业数量越多,这种效应越明显。进一步检验发现,IPO审核过会促进同行企业创新的两种效应中,竞争效应起主要作用。异质性检验发现,IPO审核过会对同行企业创新的促进作用主要体现在非国有企业、IPO拟募集资金规模越大、IPO企业研发投入越高时及竞争程度较高的行业中。经济后果检验发现,IPO审核过会显著提高了同行企业的创新产出数量和质量,主要表现为实质性创新显著增加,而策略性创新无明显变化,并最终提高了创新产出对企业价值的边际贡献。本文丰富了中国制度背景下IPO溢出效应、企业创新影响因素及经济后果的相关研究,并为深化资本市场改革,充分发挥资本市场在落实创新驱动发展战略中的积极作用提供了经验证据和重要政策启示。The Report of the 20th National Congress of the Communist Party of China proposed to improve the function of the capital market,increase the proportion of direct financing,and accelerate the implementation of innovation-driven development strategy.Innovation is the main driving force for enterprises to obtain competitive advantages and promote high-quality macroeconomic development.The capital market plays a major role in optimizing resource allocation,and the IPO market,as a key part of the capital market,is an important carrier to promote enterprise innovation and implement the innovation-driven development strategy.However,existing literatures,which investigates the relationship between IPO and enterprise innovation,all focus on the perspective of IPO enterprises themselves,either examining how IPO affects enterprise innovation or vice versa,but little literatures examine how IPOs affect the innovation behavior of peer incumbent enterprises from the perspective of spillover effect.Therefore,it is of great practical importance and necessity to investigate the role of the IPO market in promoting enterprise innovation and even implementing the innovation-driven development strategy from multiple perspectives,so as to boost the reform of the capital market.Based on the data of China′s A-share non-financial listed companies from 2005 to 2019,this paper empirically examined the impact of IPO approval on the innovation of peer incumbents and its economic consequences.The results showed that IPO approval will significantly increase the peer enterprises′innovation input,and the more the number of IPO approval,the more obvious this effect.Further examination showed that,among the two effects brought about by IPO approval,competition effect plays a major role.Through heterogeneity tests,we found that the promotion effect of IPO approval on the innovation of peer enterprises is mainly reflected in the non-state-owned enterprises,when the larger the IPO scale to be raised,the higher the R&D investment before IPO and in

关 键 词：IPO审核过会 企业创新 竞争效应 信号效应 企业价值 

分 类 号：F275.5[经济管理—企业管理]