R&D投入水平影响IPO抑价吗——基于创业板上市公司的研究被引量：8

Does R&D Investment Level Affect the Underpricing of IPOs?——Research Based on the Companies Listed on ChiNext

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摘要研究表明,信息不对称水平影响了IPO抑价,本文研究了一种特定的信息不对称形式——R&D投入水平与IPO抑价之间的关系。以2009年以来在创业板上市的204家公司为研究对象,结果发现在控制了其他相关变量的情况下,当期、滞后一期、两期及三期的R&D投入水平均与IPO抑价水平显著正相关,并且该结果是稳健的。 Financial scholars＇ research shows that information asymmetry affects the underpricing of IPOs, we focus on a particular form of this asymmetry - the relation between R＆D investment level and underpricing of IPOs. We collected 204 samples of listed companies on ChiNext from 2009 until now. Research shows that when the other relevant variables are controlled, the lagged one, two and three of R＆D investment level are significant positive correlated with the underpric- ing level of IPOs,and the results are robust

作者付雷鸣万迪昉张雅慧

机构地区西安交通大学管理学院

出处《经济与管理研究》 CSSCI 北大核心 2011年第11期52-60,共9页 Research on Economics and Management

基金国家自然科学基金"基于控制权动态配置的投融资双方激励相容机制设计:可转债融资契约视角"(编号70972101)

关键词 R&D投入水平 IPO抑价创业板 R＆D Investment Level Underpricing of IPOs ChiNext

分类号 F832 [经济管理—金融学]

作者简介付雷鸣西安交通大学管理学院博士研究生，西安市，710049；万迪昉西安交通大学管理学院博士生导师；张雅慧西安交通大学管理学院博士研究生。

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