科创属性有用吗?——基于科创板上市企业的研究

Is Science and Technology Innovation Attribute Useful?——Based on the Listed Company on the Sci-Tech Innovation Board

科创属性是对科创板企业的关键要求,受到监管层高度重视,但其究竟在市场上发挥了怎样的作用还有待探究。文章选取在2021年4月1日前上市的177家科创板企业样本,从IPO耗时、一级市场发行价和二级市场溢价等角度,分别研究了科创属性的影响。结果发现科创属性越高的企业IPO耗时越短,其中专利作用更显著;科创属性对企业的首发市盈率有显著的提升作用,且一级市场投资者估值定价时更重视研发投入指标;科创属性与二级市场IPO溢价显著正相关,且研发强度越高的企业溢价程度越严重。

Science and Technology Innovation Attribute is critical for companies which want to be listed on the Sci-tech Innovation Board(STAR Market).Thus it has been the focus of attention since the launch of STAR Market.But the role it plays in the market remains to be explored.We select a sample of 177 companies that successfully landed on STAR Market before April 1,2021.Then we analyze the effect of Science and Technology Innovation Attribute on the duration of the whole IPO process,IPO pricing and the overvaluation in the secondary market.The results show that the higher the Science and Technology Innovation Attribute,the shorter the duration of the whole IPO process,and the number of invention patents has a significant role.Besides,Science and Technology Innovation Attribute can increase the initial P/E ratio and the institutional investors pay more attention to the R&D indicators in IPO pricing.Moreover,Science and Technology Innovation Attribute is significantly correlated with the overvaluation in secondary market positively and the more the company invested in R&D,the greater of the gap between the close price on the first day and the intrinsic of the company.This research is important for the issuance and examination procedures of STAR Market,improving the criteria for assessing the Science and Technology Innovation Attribute and enhancing the protection for small and median investors.