科创板管理层能力对IPO抑价的影响——基于有调节的双路径中介效应模型分析

Research on the Influence of Management Ability on IPO Underpricing——Based on the Adjusted Dual-path Mediating Effect Model

管理层能力对企业上市前决策、经营绩效以及主承销商选择产生影响,进而作用于投资者对企业真实价值的评估。基于高阶理论与信息不对称理论,以2019-2021年科创板上市公司为样本,检验管理层能力对IPO抑价的直接影响,并引入与企业内外部信息不对称现象有关的研发投入以及盈利能力作为中介变量、主承销商声誉作为调节变量来解释二者间的影响机制。研究发现:管理层能力对企业IPO抑价产生显著负向影响;且研发投入、盈利能力在管理层能力与IPO抑价之间存在显著中介作用;主承销商声誉在研发投入、盈利能力与IPO抑价之间存在显著调节效应。

The ability of management has an impact on the company’s pre-IPO decision-making,operating performance,and the selection of lead underwriters,which in turn affects investors’assessment of the true value of the company.Based on high-level theory and information asymmetry theory,this paper uses the 2019-2020 science and technology board listed companies as a sample to examine the direct impact of management capabilities on IPO underpricing,and introduces R&D investment related to the phenomenon of internal and external information asymmetry in the enterprise And profitability is used as an intermediary variable,and the lead underwriter’s reputation is used as a moderating variable to explain the influence mechanism between the two.The study found that:management ability has a significant negative impact on the company's IPO underpricing;there is a significant negative correlation between management ability and R&D investment,and a significant positive relationship with profitability;and R&D investment and profitability are in management ability There is a significant intermediary effect with IPO underpricing;the lead underwriter’s reputation has a significant moderating effect between R&D investment,profitability and IPO underpricing.