企业创新能力对科创板IPO市盈率影响分析

Analysis of the impact of company innovation capability on IPO price-earnings ratio of science and technology innovation board

科创板注册制试点的推出,在一定程度上将新股定价的主动权交给了市场,但也由此导致科创板高IPO市盈率现象层出不穷,引发投资者对其发行定价合理性的质疑。以197家科创板企业为样本,从研发创新视角出发,通过构建多元回归方程,并加入中介变量和调节变量,探究科创板企业创新能力与IPO市盈率相关性,以及其对IPO市盈率的影响途径。实证结果表明:(1)研发创新能力正向影响IPO市盈率;(2)与创业板相比,研发创新能力对科创板IPO市盈率的影响更大;(3)科创板企业研发创新能力对IPO市盈率的影响主要是通过提高其营业毛利率产生;(4)企业资产规模越大、承销商声誉越高,研发创新能力对IPO市盈率的驱动更为显著。

The launch of the pilot registration system for the Science and Technology Innovation Board has given the market the initiative to price new shares to a certain extent,but it has also led to the emergence of high IPO price-earnings ratios on the Science and Technology Innovation Board,triggering investors to question whether their issuance pricing is reasonable.Taking 197 Sci-tech Innovation Board companies as a sample,from the perspective of R&D innovation,the correlation between the innovation ability of Sci-tech Innovation Board companies and the IPO price-earnings ratio,and its impact on IPO price-earnings ratio were explored by constructing a multiple regression equation and adding intermediary variables and adjustment variables.The empirical results showed that:(1)R&D innovation capabilities have a positive impact on the IPO price-earnings ratio;(2)Compared with the ChiNext,R&D innovation capabilities have a greater impact on the IPO P/E ratio of the Sci-tech Innovation Board;(3)The impact of R&D innovation ability on the IPO price-earnings ratio is mainly produced by increasing its operating gross profit margin;(4)The larger the scale of corporate assets and the higher the reputation of the underwriters,R&D innovation capabilities will drive the IPO price-earnings ratio more significantly.