科技创新型企业的研发强度对IPO定价效率的影响研究

在注册制改革不断深化,科技创新推动经济高质量发展的背景下,本研究对科技创新型企业的IPO定价效率进行测算评估,重点分析承销商跟投意愿的中介作用机制。实证检验结果表明,注册制改革并没有提高一级市场IPO定价效率,研发强度与IPO定价效率存在显著的正向关系,承销商跟投意愿在二者之间发挥部分中介作用。本研究丰富了研发强度对IPO定价效率影响的经验研究,为资本市场的制度创新提供了借鉴,有助于促进科技创新的发展,推动实体经济的转型升级。

Research on the Influence of R&D Intensity of Sci-tech Innovative Enterprises on IPO Pricing Efficiency

Given deepened the reform of registration system and high-quality economic development boosted by scientific and technological innovation, this study measures and evaluates the IPO pricing efficiency of scientific and technological innovative enterprises, focusing on the intermediary mechanism of underwriters" willingness to make follow-on investment. The empirical test results showed the reform of registration system does not improve the IPO pricing efficiency in the primary market, and there is a significant positive relationship between R&D intensity and IPO pricing efficiency, and underwriters" willingness to invest plays a partial intermediary role between them. This study shed new light on the impact of R&D intensity on IPO pricing efficiency, provides reference for institutional innovation in the capital market, and helps to promote the development of scientific and technological innovation and accelerate the transformation and upgrading of the real economy.