摘要
基于信息不对称理论,实证检验R&D投入对创业企业IPO抑价的影响,同时分析企业信息披露质量所起的调节作用。结果发现:R&D投入水平与发行企业IPO抑价显著正相关;企业信息披露质量的提高则显著缓解R&D投入对IPO抑价的正向影响,这种影响在高新技术企业中更为明显。进一步研究表明,无论在全样本组还是在高新技术企业组中,大企业的R&D投入水平对IPO抑价的正向影响更为显著,而信息披露质量的提升则更好地缓解了小企业R&D投入造成的信息不对称。此外,存在风险投资参与时,R&D投入对IPO抑价的提升作用以及信息披露质量对二者关系的调节作用都更为显著。
Based on the information asymmetry theory,this paper examines the impact of R&D investment on IPO underpricing of startups,and analyzes the moderating role of the quality of information disclosure.Result shows that more R&D intensity induces higher IPO underpricing.And the improvement in the quality of information disclosure has significantly alleviated the positive impact of R&D investment on IPO underpricing.This effect is more pronounced in high-tech enterprises.Further research shows that,whether in the full sample group or the high-tech enterprise group,the R&D investment level of large enterprises has a more significant positive impact on IPO underpricing.Besides,the advancement of information disclosure quality will alleviate the information asymmetry caused by the R&D investment of small enterprises better.In addition,with the participation of venture capital,the role of R&D investment in increasing IPO underpricing and the moderating effect of information disclosure quality on the relationship between the two are more significant.
作者
曾江洪
马润泽
ZENG Jiang-hong;MA Run-ze(School of Business,Central South University,Changsha 410083)
出处
《软科学》
CSSCI
北大核心
2021年第10期15-21,共7页
Soft Science
基金
国家社会科学基金项目(14BJY008)
湖南省社会科学重大项目(15ZDA04)。
关键词
IPO抑价
R&D投入
信息披露质量
高新技术企业
IPO underpricing
R&D investment
information disclosure quality
high-tech enterprises
