【摘要】 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。更多还原

【Abstract】 There is substantial evidence that on average,initial public offerings( IPO) are underpriced. When an offer price is below the price at the close of the first day of trading,an offering is said to be underpriced and the firm has"left money on the table". The first-day return also called the initial return. Using data on the IPOs of 355 Chinese firms of ChiN ext market from 2009 to 2012,we find that average initial returns are 34%. This IPO underpricing rate is much higher than that of mature capital markets,such as the United States and Europe,as well as emerging capital markets,such as Argentina,Brazil and South American.If the IPO underpricing is too high,it will increase the cost of corporate financing,hinder the investment and growth of enterprises,will seriously hurt the enthusiasm of enterprises go public,especially the innovative enterprises that lack of financing channels. This is not conducive to the optimal resources allocation of Chinese ChiN ext market. Therefore,the IPO underpricing is too high is not conducive to the implementation of the national strategy of independent innovation and healthy development of ChiN ext market. The purpose of this article is to increase understanding of IPO underpricing in Chinese ChiN ext market by examining the relationship between innovation and firm value in the market for initial public offerings.Based on the special environment of Chinese ChiN ext market,this paper from the perspective of indigenous R&D and innovation capability to gives a new interpretation on the IPO underpricing,drawing on the information asymmetries theory of underpricing. It is found that indigenous R&D has significant effects on the IPO underpricing.The nature of R&D causes information asymmetry and valuation uncertainty,thus leading to IPO underpricing. A higher R&D investment induces a higher degree of IPO underpricing. In addition,on behalf of the innovation capability of patent and technical secrecy has a signal effect and can significantly reduce the IPO underpricing. The more number of patents,the smaller degree of IPO underpricing. The more number of technical secrecy,the smaller degree of IPO underpricing. Therefore,information disclosure of the innovation capability is an important way of new issuer to reduce the capital cost effectively. Further study found that,the indigenous R&D and the innovation capability have more pronounced effects on the IPO underpricing in the strategic emerging industries and high- tech enterprises. The conclusions of the paper help us well understanding the IPO underpricing phenomenon of innovative enterprises in the emerging capital market,and put forward some valuable suggestions and decision- making basis for Chinese securities regulator to perfecting the initial public offering information disclosure,improving capital market resources allocation efficiency and promoting the healthy development of ChiN ext market. We contribute to the information asymmetries theory of underpricing by showing how it applies to evaluating internal activities,such as innovation,that can directly affect value creation in a firm.Two suggestions are put forward based on the study. First,the new issuers should be recognized that the information asymmetries and uncertainty of value are the main reasons for the IPO underpricing. Therefore,improving the independent innovation capability and disclosing more information about the independent innovation capability is an important way to reduce the cost of new issuers. The new issuers should alleviate information asymmetries through the information disclosure,especially the innovative firms. The R&D intensive firms should disclose more proprietary information in the prospectus voluntarily,such as patents and technical secrecy and other innovative proprietary information,so as to alleviate the information asymmetry and reduce IPO underpricing effectively. Secondly,the findings of this paper support the importance of strengthening the information disclosure policy of Chinese ChiN ext market. Therefore,the China Securities Regulatory Commission( CSRC) should further strengthen and improve the information disclosure of the initial public offerings. The CSRC should improve and perfect the information disclosure of innovative firms and firms of strategic emerging industries continuously,so as to enhance the efficiency of resource allocation and reduce capital market risk.更多还原