高质量发展下先进制造企业IPO及其后绩效研究

Research on Advanced Manufacturing Enterprises’ IPO and Their Post-IPO Performance under High-quality Development

先进制造业的发展能够有效推动一国经济的高质量发展。以"高质量IPO"和"IPO后经营绩效"衡量中国先进制造企业的发展质量,探究关键影响因素。依据制造业景气循环理论、机会窗口理论和生产函数理论确定CEO研发和学历背景、风险资本参与、研发创新投入与专利创新产出等主要变量,然后运用Cox比例机会模型和OLS多元回归模型进行实证分析。研究结果表明,各项主要因素影响的先进制造企业,在高端资本市场上市的倾向性较低,为了尽快退出,快速获得市场资金支持,反而更倾向于在新兴资本市场上市。最后结合研究发现,对中国制造企业高质量发展提出建议。

The development of advanced manufacturing industries can effectively promote the high-quality development of a country’s economy."high-quality IPO"and"post-IPO operating performance"are used to measure the development quality of advanced manufacturing enterprises.And then the key factors are explored according to the manufacturing business cycle theory,opportunity window theory and production function theory.The main variables such as CEO R&D and academic background,venture capital participation,R&D innovation input and patent innovation output are determined.Then,Cox proportional hazard model and OLS multiple regression model are applied to conduct empirical research.The research results show that advanced manufacturing enterprises which are affected by major factors have a low tendency to IPO on the high-level capital market.In order to exit as soon as possible and quickly obtain the support from market capital,they are more inclined to IPO on the emerging capital market.Finally,based on the research findings,it puts forward suggestions for the high-quality development of Chinese manufacturing enterprises.