文献类型：期刊文献

中文题名：创业板公司公开上市对研发投入的影响分析

英文题名：The Effects of GEM Firms’ IPO on Their R&D Investment

作者：李丹蒙[1];孙淑伟[2];颜恩点[3]

机构：[1]华东理工大学商学院,上海200237;[2]上海对外经贸大学会计学院,上海201620;[3]上海大学管理学院,上海200444

年份：2019

卷号：31

期号：11

起止页码：115

中文期刊名：管理评论

外文期刊名：Management Review

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；CSSCI:【CSSCI2019_2020】；

基金：国家自然科学基金青年项目(71502060; 71602112);上海市晨光计划项目(15CG57)

语种：中文

中文关键词：公开上市;研发投入;代理问题;短视主义

外文关键词：IPO;R&D investment;agency issue;corporate myopia

摘要：本文以"动态"的视角来分析公开上市是否影响了企业的研发投入。具体来说,本文使用中国创业板上市公司的数据,采用倍差法的实证研究设计,发现创业板公司公开上市改变了企业持续性研发投入模式,进而使企业研发投入降低,即与上市前相比上市后的研发投入更低。进一步的分析发现,降低的因素来自上市引发的股权分散、代理问题以及其业绩压力,而上市资格的优势--募集的资金和股权的流动性,则引导了企业在增长方向的选择上更多地依靠外部并购。本文的研究结果显示,在对研发投入这一企业创新重要的衡量变量影响上,公开上市给创业板公司带来的成本超过了上市带来的收益。本文的发现对IPO经济后果及长期业绩表现的研究文献做出了补充,也丰富了企业创新的有关研究成果。
In this paper,we adopt a dynamic perspective to analyze whether a company’s IPO will affect its R&D investment. Specifically,we use China Growth Enterprise Market( GEM) companies as our sample with small-medium size main board companies as matching sample and conduct an empirical analysis based on a Difference-In-Difference( DID) research design. Our results show that there is a negative relationship between IPO and R&D expenditures. Agency issue and short-termism pressure are the important reasons for the above findings. We also find that post-IPO firms’ growth strategy relies more on external merger and acquisitions than on internal innovation input. The net effect of IPO on a firm’R&D investments is negative as the costs may be larger than the benefits from IPO. The results add more evidence on the research of the economic consequences of IPO and long-run performance and enrich the literature regarding firms’ innovation behaviors.