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论文编号：	9385
作者编号：	2120152428
上传时间：	2017/6/20 23:19:09
中文题目：	研发风险披露、研发投入与IPO抑价
英文题目：	R&D Risk Disclosure, R&D Expense and IPO Underpricing
指导老师：	姚颐
中文关键字：	IPO抑价；研发投入；研发风险披露；信息不对称
英文关键字：	IPO underpricing；R&D expense；R&D risk disclosure；Information asymmetry
中文摘要：	企业研发投入强度反映了国家的科技实力和核心竞争力，虽然研发活动能给社会、给国家、给企业带来种种好处。但是，随着研发投入的增多，由其引起的企业与外部投资者之间的信息不对称问题变得越来越严重，导致研发投入较多的企业股权资本成本较高。风险要素的披露是新股有效定价的前提。合理的研发风险披露能够有效提高新股发行过程中的信息透明度，降低研发活动所导致的IPO抑价。我国创业板、中小板的上市公司多为高新技术企业，研发投入相较于主板企业高，信息不对称水平更加严重，较易出现风险披露不规范的问题。以此进行研究，更能发现我国股票市场对于不同研发投入、信息披露的反应差异。本文探讨了2010-2012年在我国创业板、中小板上市的公司研发投入强度、《招股说明书》中的研发风险披露情况与市场反应。研究发现：第一，研发活动具有较高的风险与不确定性，同发达国家相比，信息不对称的存在致使我国研发活动的IPO抑价更高。从未来业绩来看，研发活动可促进企业未来价值的增长，投资者认可企业进行研发活动。第二，从市场反应来看，研发风险披露能够有效缓解研发过程中的信息不对称，信息越透明市场对其的边际奖励越大，IPO抑价越低。从披露意愿来看，未来业绩好的公司在IPO时会有更强的研发风险披露意愿，主要是为了彰显其业绩的优良，避免“柠檬市场”的价值低估。
英文摘要：	Research and development activities reflect a country's science and technology level and help them stay competitive. While R&D activities can bring benefit to the economy, along with the increase in R&D expenditure, the information asymmetry and valuation uncertainty problems between the enterprise and the outside investors become more and more serious, eventually raise financing cost. The central premise of new stock pricing is the disclosure of the risk factors. Adequate R&D risk disclosure can effectively enhance information transparency in the process of issuing, reduce IPO underpricing. Companies that listed on GEM, SEM Board mainly are high-tech enterprises, which put more emphasis on R&D. As a result, the extent of information asymmetry is more intensive and they are more likely to provide risk information with less standard. This study is aimed to find the different reactions of Chinese stock market between R&D intensity and R&D risk disclosure. Based on a sample of IPOs in Chinese GEM and SEM issued during 2010-2012, this paper intends to discuss the relationship between R&D investment intensity, R&D risk disclosure and market response. The main conclusions: Firstly, compared with developed countries, research and development activities are of high risk and uncertainty, which lead to serious information asymmetry and higher IPO underpricing in China. While from the prospective of future development, it can enhance enterprise value and already be accepted by investors. Secondly, R&D risk disclosure can effectively reduce information asymmetry. The more transparent market can be, the more marginal reward they can receive, which eventually lower the IPO underpricing. As to the intension of risk disclosure, companies with excellent future performance are more willing to reveal their R&D risk, mainly in order to avoid "lemon market" undervalued.
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