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论文编号：	11853
作者编号：	2120182959
上传时间：	2020/6/23 9:12:01
中文题目：	企业创新能力对IPO抑价和长期绩效的影响 ——基于创业板数据的实证研究
英文题目：	The Influence of Company Innovation Ability On IPO Underpricing And Long-term Performance ——An Empirical Study based on GEM Data
指导老师：	张晓农
中文关键字：	企业创新能力； IPO 抑价； 累计超额收益率
英文关键字：	Company Innovation Ability; IPO Underpricing; Cumulative Abnormal Return
中文摘要：	我国创业板于2009年10月30日在深圳证券交易所成立，旨在服务于创新性高、成长能力强的中小企业，并为这些企业提供融资渠道。IPO抑价现象在创业板市场长期存在，造成了资源错配等一系列问题。在此背景下，本文研究企业创新能力对IPO抑价和长期绩效的影响，以此为创业板市场的健康发展提出可行性建议。 本文以2010年6月-2016年12月创业板上市公司为研究样本，在对以往文献进行整理总结的基础上，又创新的从知识产权角度丰富拓展了衡量企业创新能力的指标。本文从各样本公司招股说明书“第六章 业务和技术”中手工整理各样本公司IPO前创新资金投入、创新人员投入、商标、专利、非专利技术、著作权六项创新指标的数据资料，通过SPSS22.0用主成分分析法对指标进行降维处理，构建衡量企业创新能力的综合指标。此外，本文考虑了2014年限制新股上市首日涨跌幅政策对于研究指标测算的影响，对于企业IPO抑价和长期绩效的度量指标进行分段计算，测算更加准确并且符合实际，从而使实证分析结论更加可靠。本文主要研究企业创新能力对IPO抑价和长期绩效的影响，同时从六个创新指标中选择创新投入与产出的单一代理变量研究两者不同的作用机制。本文利用Excel2010、Stata11.0进行数据处理与多元线性回归分析。 本文得出以下实证结论：（1）信息不对称是创业板上市公司IPO抑价长期存在的一个重要原因。企业创新能力与IPO抑价显著正相关。发行人与投资者对企业创新的信息掌握程度不同，造成了两者之间的信息不对称，进而加剧了IPO抑价程度。其中，研发投入强度对IPO抑价有显著的正向影响。研发投入的高风险性加剧了信息不对称程度；专利产出对IPO抑价存在显著的负向作用。专利产出作为企业创新的确定性成果能够有效的缓解研发投入所造成的信息不对称。（2）企业创新能力对IPO后长期绩效的影响具有滞后性，其对企业IPO后三年绩效产生正向影响，回归系数逐渐增大，显著性水平逐渐提高。其中，研发投入强度与IPO后三年绩效正相关，回归系数逐渐增大，显著性水平逐渐提高；专利产出与IPO后第一年绩效显著负相关，表明专利产出在企业IPO后的“次新股”阶段仍然起到缓解信息不对称的作用，在此之后专利才逐渐对企业绩效产生正向影响。（3）IPO抑价与IPO后三年绩效显著负相关。即新股上市时IPO抑价率越高，企业IPO后三年的绩效表现越差。 基于以上结论本文提出四点建议：一是提高企业研发投入强度，促进研发投入转化为产出。二是重视知识产权保护以及企业创新能力提高。三是提高企业研发信息披露的质量和透明度。四是不断优化资本市场结构，深入推进注册制改革。
英文摘要：	Since the 18th National Congress of the Communist Party of China（CPC）put forward the strategy of innovation-driven development, people has gradually paid attention to innovation. Growth Enterprise Market（GEM）of China was established in Shenzhen stock exchange on October 30, 2009, with the purpose of providing financing channels for small companies with high innovation and strong growth ability. IPO underpricing has long existed in China’s GEM, resulting in unreasonable resource allocation. This paper studies the influence of company innovation ability on IPO underpricing and long-term performance, and then proposes feasible suggestions for the healthy development of China’s GEM. This paper selects companies on China’s GEM with IPO date from June 2010 to December 2016 as samples. Based on prior researches, this paper creatively selects multiple indicators from intellectual property perspective to measure company innovation ability. This paper manually sorts six innovation indexes before IPO from the company prospectus "chapter 6 business and technology", including innovation investment, innovation personnel, trademark, patent, nonpatented technology and copyright. What’s more, this paper uses Principal Component Analysis (PCA) to build a comprehensive index through SPSS22.0 to measure company innovation ability. After 2014, China's stock market implemented the policy of limiting the rise and fall of new stocks on the first day of listing. This paper takes into account the impact of the policy on the index measurement. It calculates the indicators of IPO underpricing and long-term performance by different stages, which is more accurate and consistent with the reality. So the empirical analysis conclusion becomes more reliable. This paper mainly researches whether company innovation ability can influence the IPO underpricing and long-term performance. What’s more, this paper chooses proxy variables of the innovation inputs and outputs from six indexes to research their different mechanisms. In this paper, Excel2010 and Stata11.0 were used for data processing and multivariate linear regression analysis. The following conclusions were drawn: (1) Information asymmetry is an important factor causing IPO underpricing of China’s GEM companies. The innovation ability of companies is positively correlated with IPO underpricing. Innovation contains many aspects of information, which is difficult for investors to effectively obtain and process. Therefore, the innovation ability of companies leads to information asymmetry between issuers and investors, which intensifies IPO underpricing. Among them, R&D investments are positively correlated with IPO underpricing. The high risk of R&D investments is the source of information asymmetry. Patent outputs are negatively correlated with IPO underpricing. As a deterministic outcome of company innovation, patent outputs can effectively alleviate the information asymmetry caused by R&D investments. (2) The innovation ability of companies is positively correlated with the performance in the three years after IPO, with the regression coefficient and the significance level gradually increasing. Among them, R&D investments have the same conclusion. While patent outputs have a significant negative correlation with the performance in the first year after IPO. Patents still alleviate the information asymmetry in the "secondary IPO" stage after IPO, and then patents gradually have a positive effect on the performance of companies. (3) IPO underpricing is negatively correlated with the performance in the three years after IPO. In other words, the higher the underpricing rate of IPO is, the worse the long-term performance of the company is. Based on the above conclusions, this paper proposes four suggestions: First, GEM companies should strengthen the intensity of company R&D investments, and promote the transformation of R&D investments into outputs. Second, GEM companies should pay more attention to the protection of intellectual property rights and the improvement of company innovation ability. Third, GEM companies should improve the quality and transparency of company R&D information disclosure. Fourth, GEM should continue to improve the structure of the capital market and deepen the reform of the registration system.
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