上市公司IPO超募与投资不足的关系研究——基于我国创业板市场的经验证据

A Study on the Relationship between IPO Overfunding and Under-investment——Evidence from Growth Enterprise Market in China

本文以我国创业板上市公司超募现象为研究对象,探究IPO超募与投资不足的关系,实证分析结果表明:我国创业板上市公司IPO超募程度与投资不足行为正相关,IPO超募比例越高,公司的投资不足现象也越严重。

This paper studies the relationship between IPO over-funding and underinvestment, using the phenomenon of IPO over-funding on Growth Enterprise Market in China as a research object. The empirical results show that the extent of IPO over-funding is positively related with under-investment on Growth Enterprise Market in China. The extent of companies＇ under-investment is more severe when the ratio of over-funding is higher.