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本文基于中国创业板市场特殊的制度环境,从企业自主研发和创新能力的角度对IPO折价给予了新的解释。本文发现,自主研发对于IPO折价有深远影响,技术研发的特性造成其具有信息不对称性和价值不确定性,进而导致IPO折价,研发投资越多,IPO折价越大。代表创新能力的专利和技术机密具有积极的信号效应,能够显著降低IPO折价,专利和技术机密数量越多,IPO折价越小。因此,公开披露创新能力的信息有助于发行人降低上市成本。此外,在战略性新兴产业公司和高科技企业中,自主研发和创新能力对于IPO折价的影响更加明显。本文结论对于深刻认识新兴资本市场中创新型企业IPO折价现象提供了理论基础,并为我国证券监管部门完善首次公开发行股票的信息披露,提高资本市场资源配置效率,大力推进创业板市场的健康发展提供了理论基础和决策依据。
Based on the special institutional environment in China’s GEM market, this article gives a new explanation for the IPO discount from the perspective of independent R & D and innovation capabilities. This paper finds that the independent research and development has a profound impact on the IPO discount, and the characteristics of technology research and development have caused the information asymmetry and the value uncertainty, leading to the IPO discount, the more R & D investment, the greater the IPO discount. Patents and technology secrets that represent innovation have a positive signal effect and can significantly reduce the IPO discount. The greater the number of patents and technology secrets, the smaller the IPO discount. Therefore, the public disclosure of innovative information can help reduce the issuer’s listing cost. In addition, the impact of independent R & D and innovation on the IPO discount is even more pronounced in strategic emerging industries and high-tech companies. The conclusion of this paper provides a theoretical basis for deeply understanding the IPO discounts of innovative enterprises in emerging capital markets and improves the disclosure of information of initial public offering of shares in securities regulatory authorities in our country so as to improve the efficiency of resource allocation in capital markets and promote the healthy development of the GEM Provided a theoretical basis and decision-making basis.