高科技产业政策选择性实施与资本市场估值--基于高新技术企业IPO的微观证据

Accurate Industrial Policy for High-Tech Enterprises and Capital Market Valuation:Micro Evidence Based on High-Tech Enterprises’IPO Events

本文聚焦于政策链、资金链、创新链和产业链多链融合的微观经济后果,利用企业IPO这一事件,研究了资本市场对于获得高新技术企业资质认定公司的估值。研究发现,获得高新技术企业资质认定公司的首日涨幅更大、证券分析师预测的首日估值水平更高,上市后分析师发布正面评级的概率更高;且获得认定的公司上市后长期股价和经营业绩均表现更好。研究表明,我国高科技产业政策能引导资源有效流向科技创新能力较强的企业,从而使其在资本市场中获得了较高估值。本文从一个新视角验证了"产业政策要准"的经济后果,对引导创新资源脱虚向实、促进"多链"融合、培育金融市场创新生态环境,提供了重要的决策借鉴支撑。

This paper concentrates on micro economic consequences of the fusion of policy chain,capital chain,innovation chain and industry chain.Using high-tech firms’IPO events,this paper studies the capital market valuation of IPO firms with high-tech qualifications.This study indicates that high-tech enterprises presented higher analysts’forecasts of initial-day returns,higher realized initial-day returns and,these firms are more likely to receive positive recommendations from financial analysts after IPO.Moreover,the long-run buy-and-hold returns,as well as the operation performance,of high-tech enterprises after IPO are significantly higher than those without high-tech qualifications.In conclusion,this paper supports the argument that Chinese hightech industrial policies efficiently direct financial resources to innovative enterprises and the real economy.This study evaluates the economic consequences of accurate industrial policies from a new perspective,providing important decision-making support for the guidance of the innovation resources to real economy,the promotion of the integrating multiple chains,and the optimization of the financial market environment.