企业IPO上市后业绩变脸与研发投入的关系——基于中小板高新技术企业的实证考察

The Relationship of Enterprises Performance Change after IPO and R&D Input--Based on the Empirical Survey of SME Board Listed High-tech Enterprises

鉴于IPO上市后业绩变脸事实的广泛存在,以2015—2017年在中小板上市的72家高新技术企业为研究对象,分析与揭示研发投入相关指标与高新技术企业IPO上市后业绩变脸的相关性。具体而言,首先,通过对有关偿债能力、盈利能力、营运能力、成长能力4个维度6个指标的Friedman分析及Nemenyi两两比较,说明中小板高新技术企业IPO上市后业绩变脸频出的事实;其次,基于对研发投入指标的相关性分析、多元线性回归分析与稳健性检验等,研究得出研发投入占营业收入比例的变化量、研发人员比例变化量、无形资产(去除土地使用权)占净资产比例变化量这些短期研发投入指标与IPO上市后业绩变脸的不具有显著相关性,而有效专利数量这个反映长期研发投入的指标与IPO上市后业绩变脸呈现显著的负相关关系;最后,就短期研发投入变化量与IPO后业绩变脸不具有显著相关性进行了原因剖析,并针对高新技术企业和政府分别提出了相关政策性建议。

In view of the widespread enterprise’s performance change after IPO,taking 72 high-tech enterprises listed on the SME board from 2015 to 2017 as the research objects,whether the indicators related to R&D investment have a significant negative correlation with the performance changes of igh-tech enterprises after IPO is analyzed in this article.Specifically,first of all,through Friedman’s analysis of the six indicators of the four dimensions of solvency,operating ability,profitability and growth capacity,and the subsequent Nemenyi’s pin-to-pair comparison,the fact of performance change after IPO is verified.Secondly,based on the correlation analysis of R&D investment indicators,multiple linear regression analysis and robustness test,these short-term indictors including the proportional variation of R&D input occupying business revenue(ΔINP),the proportional variation of R&D personnel(ΔPER),the proportional variation of intangible asset after removing Land tenure occupying net asset(ΔPIA)are not of remarkable correlation with performance change after IPO.While as the long-term reflective indictor,valid patent number(PAT)presents the remarkable negative correlation with performance change after IPO.Last but not the least,the reason why the correlation of short-term R&D input indictors and performance change after IPO is not remarkable may be analyzed and the corresponding policy suggestions are proposed from the view-point of high-tech enterprise and government.