科创板研发投入对IPO抑价的影响——基于承销商的调节作用

The Impact of R&D Investment on IPO Underpricing of STAR Board—Based on the Moderating Effect of Underwriters

高新技术企业因为高研发面临着更高的IPO成本,本文探讨注册制下科创板高新技术企业借助承销商突破信息不对称的可能。结果发现高声誉能负向调节研发投入对IPO抑价的影响,证明了科创板声誉机制发挥了作用;承销商跟投发挥正向调节作用,承销商对于自身利益的保护拥有更高的优先级。此外,对样本按照企业特质分类,发现成立年限、企业规模和盈利高低将影响承销商调节作用的发挥与否,证明了我国承销商机制作用的不确定性。

High-tech enterprises face higher IPO costs because of their high R&D, so this paper discusses the possibility of these enterprises on the STAR board to break through information asymmetry with the help of underwriters. This study finds that underwriter reputation can positively moderate the relationship between R&D investment and IPO underpricing, while underwriter follow-up can moderate the relationship between the two negatively. It proves that the reputation mechanism of the STAR board has played a role and also, underwriters have higher priority for the protection of their own interests. In addition, the samples are classified according to the characteristics of enterprises, and it is found that the years of establishment, the size and the profitability of enterprises will affect the moderating effect, which proves the uncertainty of the role of underwriters in China.