Cash Flow Right Deviation, Patent Quantity and IPO Underpricing

Abstract

Abstract: Based on the data of companies that got A-share listed from 2012 to 2016, this paper empirically studies the relationship among cash flow right deviation, patent quantity and IPO underpricing. It is found that there is a significant negative correlation between the deviation degree of cash flow right and IPO underpricing rate, indicating that the larger the deviation degree of ultimate shareholder's cash flow right is, the higher the IPO price is, the lower the IPO underpricing degree is; the quantity of a company's patents significantly improves the negative correlation between the deviation degree of cash flow right and IPO underpricing rate, and the quantity of listed companies' patents has the function of transmitting signals to the market, which can limit the ultimate shareholders' misconducts, such as high pricing in the IPO process and the misappropriation of small and medium shareholders' interests after the IPO. Further analysis shows that the regulatory effect of patent quantity varies with the nature of company.

Key words: cash flow right deviation, patent quantity, IPO underpricing

Xu Weilong, Mu Weiwei, Sun Ziqi. Cash Flow Right Deviation, Patent Quantity and IPO Underpricing[J]. Management Review, 2020, 32(6): 56-61.

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