现金流权偏离、专利数量与IPO抑价

Cash Flow Right Deviation,Patent Quantity and IPO Underpricing

本文以2012—2016年在中国A股市场IPO的上市公司为分析对象,实证研究了现金流权偏离、专利数量与IPO抑价之间的关系。研究发现,现金流权偏离度与IPO抑价率存在显著的负相关关系,表明终极股东现金流权偏离度越大,公司IPO时定价越高,则IPO抑价程度越低;公司的专利数量显著改善了现金流权偏离度与IPO抑价率的负相关关系,上市公司的专利数量有向市场传递信号的作用,可限制终极股东在公司IPO时的高定价和IPO后侵占中小股东利益等不当行为。进一步分析发现,专利数量的调节作用因公司性质的不同而有差异。

Based on the data of companies that got A-share listed from 2012 to 2016,this paper empirically studies the relationship among cash flow right deviation,patent quantity and IPO underpricing.It is found that there is a significant negative correlation between the deviation degree of cash flow right and IPO underpricing rate,indicating that the larger the deviation degree of ultimate shareholder’s cash flow right is,the higher the IPO price is,the lower the IPO underpricing degree is;the quantity of a company’s patents significantly improves the negative correlation between the deviation degree of cash flow right and IPO underpricing rate,and the quantity of listed companies’patents has the function of transmitting signals to the market,which can limit the ultimate shareholders’misconducts,such as high pricing in the IPO process and the misappropriation of small and medium shareholders’interests after the IPO.Further analysis shows that the regulatory effect of patent quantity varies with the nature of company.