高校背景上市公司具有更好的IPO表现吗

Do University- based Firms Have a Better IPO Performance

基于A股市场上具有高校背景的上市公司和非高校背景上市公司的对比,实证研究了高校背景上市公司是否具有更好的IPO表现。研究发现:高校背景上市公司在技术创新因素方面存在形式上的明显优势,并具有更高的发行定价,然而,高校背景上市公司IPO后的长期表现没有超过对比组公司;"高校背景优势"未能有效地转换为业绩的高增长和股票的高收益。制度安排的缺陷是造成该结果的主要原因。

This paper utilizes samples of university - based firms and non - university - based firms from A share market, employs empirical method to testify whether university - based firms have a better IPO performance. It turns out that university - based finns have a notable advantage in innovation factor, and most of which have higher IPO prices; however, university- based firms exhibit no better or even worse performance than independent finns; innovation advantage have no positive impact on the IPO performance. The deficiency of institutional arrangement is largely responsible for it.