摘要
研发投入平稳性与企业竞争优势的持久性密切相关,本文以创业板市场上普遍存在的IPO超募融资现象为切入点,并利用2009—2018年度创业板IPO公司的相关数据实证分析IPO超募资金对研发平滑的影响机理及其产品市场竞争效应。结果表明:创业板上市公司存在研发平滑行为,且IPO超募资金对研发平滑具有显著的抑制效应;完善内部公司治理和投资者法律保护制度可以弱化IPO超募资金对研发平滑的抑制效应;IPO超募资金抑制研发平滑行为可能是通过诱发代理冲突和业绩下滑等潜在路径实现的;IPO超募资金会抑制研发平滑的产品市场竞争效应,且这一现象在高平滑企业中更显著。
The stability of R&D investment is closely related to the persistence of enterprises′competitive advantages.This paper takes the IPO overfunding phenomenon in GEM market as the breakthrough point,and uses the relevant data of GEM IPO companies in 2009-2018 to empirically analyze the impact mechanism of IPO overfunding on R&D smoothness and the product market competition effect.The results show that:GEM listed companies have R&D smoothing behavior,and IPO overfunding have a significant inhibitory effect on R&D smoothing;improving internal corporate governance and investor legal protection system can weaken the inhibition effect of IPO overfunding on R&D smoothing;IPO overfunding may inhibit the R&D smoothing behavior by inducing agency conflicts and performance decline;IPO overfunding will inhibit the product market competition effect of R&D smoothing,and this phenomenon is more significant in high smooth enterprises.
作者
徐辉
周兵
周孝华
XU Hui;ZHOU Bing;ZHOU Xiao-hua(Research Center for Economy of Upper Reaches of the Yangtze River,Chongqing Technology and Business University, Chongqing 400067,China;School of Accounting, Chongqing Technology and BusinessUniversity, Chongqing 400067,China;School of Economics and Business Administration, Chongqing University,Chongqing 400044,China)
出处
《商业研究》
CSSCI
北大核心
2020年第9期36-44,共9页
Commercial Research
基金
国家自然科学基金面上项目,项目编号:71973018
国家社会科学基金重点项目,项目编号:18AGL009
重庆市社科联项目,项目编号:2016QNGL54
高层次人才启动项目,项目编号:2055015。
关键词
IPO超募资金
研发平滑
公司治理
投资者法律保护
产品市场竞争绩效
IPO overfunding
R&D investment smoothing
corporate governance
investors protection
product market competition performance
