研发投入、风险资本与IPO抑价——基于创业板IPO公司的实证研究

›› 2017, Vol. 29 ›› Issue (4): 12-24.

研发投入、风险资本与IPO抑价——基于创业板IPO公司的实证研究

韩鹏¹, 沈春亚²

1. 河南理工大学财经学院, 焦作 454000;
2. 河南理工大学财务处, 焦作 454000

收稿日期:2015-03-11 出版日期:2017-04-28 发布日期:2017-04-21
作者简介:韩鹏,河南理工大学财经学院教授,博士;沈春亚,河南理工大学财务处会计师,硕士
基金资助:
河南省哲学社会科学规划项目（2015BJJ057）

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

Han Peng¹, Shen Chunya²

1. School of Finance and Economics, Henan Polytechnic University, Jiaozuo 454000;
2. Finance Department, Henan Polytechnic University, Jiaozuo 454000

Received:2015-03-11 Online:2017-04-28 Published:2017-04-21

摘要/Abstract

摘要：

引入研发信息披露指数、研发市场错误定价与风险资本调节变量，检验研发投入与IPO抑价关系，能够提高IPO抑价研究的外部效度。本文基于2009年10月30日至2012年12月31日在创业板IPO公司的实证研究发现，研发信息披露水平、研发市场错误定价对IPO抑价均有较强的解释力，风险资本在新股发行时只发挥了信号作用而没有有效发挥信息作用，从而提高了IPO抑价率。研究结果表明，提高信息披露水平与强化中介机构对信息监督的社会责任，能有效降低IPO抑价程度。

关键词: 研发投入, 风险资本, 信息披露, 市场错误定价, IPO抑价

Abstract:

Introducing R&D information disclosure index, R&D market mispricing and venture capital moderating variable into the research of R&D investment and IPO underpricing can improve the external validity of IPO underpricing. This empirical research draws upon the companies that completed IPO in GEM during the period from 30 October 2009 to 31 December 2012 and finds that R&D information disclosure level and R&D market mispricing both have an important influence on IPO underpricing, while venture capital functions only as a signal, not as information, hence leading to higher degree of IPO underpricing. The results show that higher level of information disclosure and stricter requirement for intermediary agents to manage information can reduce IPO underpricing effectively.

Key words: R&D investment, venture capital, information disclosure, market mispricing, IPO underpricing

韩鹏, 沈春亚. 研发投入、风险资本与IPO抑价——基于创业板IPO公司的实证研究[J]. , 2017, 29(4): 12-24.

Han Peng, Shen Chunya. R&D Investment, Venture Capital and IPO Underpricing——An Empirical Study of IPO Companies in GEM[J]. , 2017, 29(4): 12-24.

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