摘要
本文以我国A股上市公司为研究对象,选取和上市公司处于同一行业且同一年向证监会递交了上市申请但未过会的私营企业作为对照组,研究上市对公司创新结构的影响。本文将创新结构划分为创新质量、专利类型构成和专利来源结构三个维度,结果发现公司上市后的创新质量下降;专利类型构成发生改变,即实用新型专利占比提升,发明专利占比下降,但这两类专利的平均创新质量均显著下降;公司从外部受让的专利数量显著减少,而是更加致力于内部自主研发。更进一步地,本文指出上市对公司创新结构的改变程度会受到诸如融资约束和公司特征等因素的影响。因此,监管部门在鼓励直接融资服务实体经济的同时,也不能忽视上市对公司创新结构可能造成的影响。
This paper studies the effects of IPO on corporate innovation structure by comparing the innovation behavior of Chinese firms that go public from 2002 to 2012 with firms that filed to go public in the same industry and the same year but were rejected by SEC and remained private ultimately.We measure a firm’s innovation structure in three dimensions:innovation quality,structure of patent type and innovation source.We find that the innovation quality declines following the IPO and the structure of patent type changes significantly.The weight of patents for new utility design increases in an IPO firm’s patent portfolio,while the weight of patents for invention decreases accordingly.Both types of patents witness a significant decrease in innovation quality.IPO firms acquire fewer external patents and focus more on internal innovation.Furthermore,we point out that the magnitude of innovation structure change caused by IPO is affected by several factors such as financing constraints and firm features.Therefore,while encouraging direct financing to serve the real economy,the regulatory authorities should not ignore the possible impact of IPO on corporate innovation structure.
作者
宫蕾
石宇
陈劲
Gong Lei;Shi Yu;Chen Jin
出处
《金融学季刊》
2020年第2期85-111,共27页
Quarterly Journal of Finance
基金
教育部人文社科专项“新时代中国特色科技创新战略思想研究”(18JF092,2018.06-2020.06)项目的支持
关键词
上市
创新结构
融资约束
公司特征
IPO
Innovation Structure
Financing Constraints
Firm Features
