创业板公司公开上市对研发投入的影响分析

›› 2019, Vol. 31 ›› Issue (11): 115-127.

创业板公司公开上市对研发投入的影响分析

李丹蒙¹, 孙淑伟², 颜恩点³

1 华东理工大学商学院, 上海 200237;
2 上海对外经贸大学会计学院, 上海 201620;
3 上海大学管理学院, 上海 200444

收稿日期:2017-02-27 出版日期:2019-11-28 发布日期:2019-11-30
通讯作者: 颜恩点,上海大学管理学院讲师,硕士生导师,博士。
作者简介:李丹蒙,华东理工大学商学院副教授,硕士生导师,博士;孙淑伟,上海对外经贸大学会计学院副教授,硕士生导师,博士;
基金资助:
国家自然科学基金青年项目（71502060，71602112）；上海市晨光计划项目（15CG57）。

The Effects of GEM Firms' IPO on Their R&D Investment

Li Danmeng¹, Sun Shuwei², Yan Endian³

1 School of Business, East China University of Science and Technology, Shanghai 200237;
2 Accounting School, Shanghai University of International Business and Economics, Shanghai 201620;
3 School of Management, Shanghai University, Shanghai 200444

Received:2017-02-27 Online:2019-11-28 Published:2019-11-30

摘要/Abstract

摘要：

本文以“动态”的视角来分析公开上市是否影响了企业的研发投入。具体来说，本文使用中国创业板上市公司的数据，采用倍差法的实证研究设计，发现创业板公司公开上市改变了企业持续性研发投入模式，进而使企业研发投入降低，即与上市前相比上市后的研发投入更低。进一步的分析发现，降低的因素来自上市引发的股权分散、代理问题以及其业绩压力，而上市资格的优势——募集的资金和股权的流动性，则引导了企业在增长方向的选择上更多地依靠外部并购。本文的研究结果显示，在对研发投入这一企业创新重要的衡量变量影响上，公开上市给创业板公司带来的成本超过了上市带来的收益。本文的发现对IPO经济后果及长期业绩表现的研究文献做出了补充，也丰富了企业创新的有关研究成果。

关键词: 公开上市, 研发投入, 代理问题, 短视主义

Abstract:

In this paper, we adopt a dynamic perspective to analyze whether a company's IPO will affect its R&D investment. Specifically, we use China Growth Enterprise Market (GEM) companies as our sample with small-medium size main board companies as matching sample and conduct an empirical analysis based on a Difference-In-Difference (DID) research design. Our results show that there is a negative relationship between IPO and R&D expenditures. Agency issue and short-termism pressure are the important reasons for the above findings. We also find that post-IPO firms' growth strategy relies more on external merger and acquisitions than on internal innovation input. The net effect of IPO on a firm' R&D investments is negative as the costs may be larger than the benefits from IPO. The results add more evidence on the research of the economic consequences of IPO and long-run performance and enrich the literature regarding firms' innovation behaviors.

Key words: IPO, R&D investment, agency issue, corporate myopia

李丹蒙, 孙淑伟, 颜恩点. 创业板公司公开上市对研发投入的影响分析[J]. , 2019, 31(11): 115-127.

Li Danmeng, Sun Shuwei, Yan Endian. The Effects of GEM Firms' IPO on Their R&D Investment[J]. , 2019, 31(11): 115-127.

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