研发投入对创业板IPO抑价的影响研究

摘要/Abstract

摘要： 基于信息不对称理论、认证监督效应与信号传递理论，构建了研发投入、风险投资与IPO抑价之间的理论分析框架。选取2014—2018年在我国创业板上市的380家公司，实证检验研发投入对IPO抑价的影响，从风险投资参与、持股比例、国有背景、联合持股四个方面剖析风险投资对研发投入与IPO抑价的调节效应。结果表明：创业板企业上市前三期的研发投入强度越高，IPO抑价越严重；风险投资的介入加剧了研发投入强度与IPO抑价的相关性，风险投资存在机会主义倾向；风险投资的高持股比例、具有国有背景、两家或两家以上风险投资联合持股，能够降低风险投资通过IPO的投机性，充分发挥认证监督效应，弱化研发投入与IPO抑价的正相关性，产生显著负向调节效应。

关键词: R&D投入, 创业板, IPO抑价, 风险投资, 调节效应

Abstract: Based on information asymmetry theory, certification supervision effect and signal transmission theory, a theoretical framework is constructed between R&D investment, IPO underpricing and venture capital. A total of 380 companies listed on China’s growth enterprise market (GEM) from 2014 to 2018 are selected to empirically test the impact of R&D investment on IPO underpricing, and analyze the moderating effect of venture capital on R&D investment and IPO underpricing from four aspects: risk-free investment, shareholding ratio, state-owned background and joint shareholding. The results show that the higher the R&D investment intensity of the first three periods of GEM listing, the more serious IPO underpricing will be. The involvement of venture capital intensifies the correlation between R&D investment intensity and IPO underpricing. Venture capital may be opportunistic. The high shareholding ratio of venture capital, state-owned background and joint shareholding of two or more venture capital can reduce the speculative nature of venture capital through IPO, give full play to the effect of certification supervision, weaken the positive correlation between R&D investment and IPO underpricing, and produce significant negative moderating effect.

Key words: R&D investment, GEM, IPO underpricing, venture capital, moderating effect

杨艳萍, 王林鑫. 研发投入对创业板IPO抑价的影响研究[J]. 管理评论, 2021, 33(6): 85-97.

Yang Yanping, Wang Linxin. The Impact of R&D Investment on IPO Underpricing of GEM[J]. Management Review, 2021, 33(6): 85-97.

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