技术创新效率对企业IPO后长期绩效的影响研究——基于创业板高科技企业样本的实证研究

Research on Impact of Technological Innovation Efficiency on Long-run Post-IPO Performance: Empirical Study Based on Samples of GEM High-tech Firms

在创新驱动发展战略提出的背景下,技术创新能够为企业可持续发展提供产品市场竞争优势。以创业板上市的高科技企业为研究对象,使用基于产出距离函数的随机前沿模型测算创业板高科技企业的技术创新效率,进而考察了企业技术创新效率对其IPO后长期绩效的影响以及政府补助对二者关系的调节作用。研究表明,技术创新效率的提高对企业IPO后经营业绩和股价表现都有促进作用,并且长期内这种正向影响更显著,而政府补助会削弱技术创新效率与企业IPO后长期绩效之间的正向关系。认为高科技企业可以通过重点关注技术创新效率,提高研发信息披露质量来提升企业IPO后长期绩效表现。同时,政府也可优化创新补贴模式激励企业开展研发活动,进而实现经济发展方式的转型升级。

Under the background of the strategy of innovation-driven development,technological innovation can provide competitive advantage on the product market for the sustainable development of enterprises.With the high-tech enterprises listed on GEM as research object,this paper uses the stochastic frontier method based on output distance function to estimate the technical efficiency of innovation production activities in GEM high-tech enterprises.We also investigate the relationship between technological innovation efficiency and long-run post-IPO performance,and then examine the adjusting effect of the participation of government subsidies.The results show that there is a positive relationship between firm＇s technological innovation efficiency and post-IPO operating performances and stock returns,and it is increasing as time goes by.Furthermore,the empirical analysis finds the adjusting effect of government subsidies really exists.With the increase of subsidies,the positive correlation between technological innovation efficiency and the post-IPO performance will be weakened.These results provide the meaningful implications for high-tech enterprises to meet the challenge in transforming economic development through focusing on technological innovation efficiency,enhancing RD information disclosure quality and optimizing the government innovation subsidies,which further realizes the upgrading of economic development mode.