摘要
从信息不对称角度出发,提出研发投入与IPO抑价相关性假设,采用多元回归分析法对IPO抑价与研发强度之间的关系进行了实证研究。继而进一步分析研究专利信息的披露是否能够有效缓解信息不对称继而降低IPO抑价。结果表明:企业研发投入强度,因研发本身的高度不确定性和披露制度的不完善,与IPO抑价呈正相关关系;专利披露,作为评价研发工作成果的积极市场信号,对IPO抑价的缓解作用未得到证实。
From the perspective of information asymmetry,this paperput forward the hypothesis of correlation between R&D investment and IPO underpricing and studied the relationship between IPO Underpricing and R&D intensity by using the multiple regression method. Then it further analyzed whether the disclosure of patent information could effectively alleviate information asymmetry and reduce IPO underpricing. The results showed that the intensity of R&D investment was positively related to IPO underpricing due to the high uncertainty of R&D itself and the imperfection of disclosure system,and the patent disclosurehad’t been proved to alleviate IPO underpricingas a positive market signal to evaluate the achievements of R&D.
作者
陈沁旋
宋淑鸿
CHEN Qin-xuan;SONG Shu-hong(College of Economics and Management,Nanjing Forestry University,Nanjing 210037,China)
出处
《中国林业经济》
2020年第3期138-141,共4页
China Forestry Economics
