创业板IPO对企业技术创新能力与创新战略的影响研究 阅读全文
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Title | The Effects of IPO on Technology Innovation Performance and its Structural Transformation
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作者 | 胡志强 赵美娟 姜洋 |
Author | Hu Zhiqiang, Zhao Meijuan and Jiang Yang |
作者单位 | 武汉大学经济与管理学院 |
Organization | School of Economics and Management, Wuhan University |
作者Email | huzq126@126.com |
中文关键词 | 创业板市场 IPO 技术创新能力 创新战略 |
Key Words | GEM; IPO; Technology Innovation Performance; Innovation Strategy |
内容提要 | 本文以中国创业板上市与撤销上市公司 为研究对象,探讨企业在创业板上市是促进还是抑制了其技术创新能力,以及IPO对企业技术创新战略的影响。研究结果表明:企业上市后,研发投入和技术创新成果均得到了提升,说明创业板上市决策促进了企业总体技术创新能力;进一步研究发现,上市时间长短和企业研发投入增长之间呈现显著的倒U型关系,这一关系产生的原因是企业上市后从注重突破型创新技术到倾向于开发型创新技术的创新战略转变;最后,研究发现管理层在技术创新项目的选择上趋于稳健和保守,上市企业研发投入强度的减弱不利于创业板公司重大创新技术的发展。本文的研究为推动企业创新能力和发挥创业板促进企业创新功能提供有益参考。 |
Abstract | Based on the data of the listed and Non-Listed Firms in GEM, our empirical study got some implications about the effects of IPO on technology innovation performance and its structural transformation: technology innovation performance has been improved in a time window of three years, which means completing IPO on GEM board has a positive impact on firms’ technology development. Moreover, technology innovation strategy changes: compared to the “explorative” technology innovations, the duration of the listing and the growth of enterprise R&D investment show a significant inverted U type relationship. The reason for this relationship is that firms focus more attention on “exploitative” technology innovations after the IPO. Management becomes measured in the choice of projects, which do hinder key breakthroughs of innovation. In short, the IPO market plays an important role in resource allocation, which provides service for the national innovation strategy, and makes reference for the firms’ technological innovation. |
文章编号 | WP1201 |
登载时间 | 2017-06-30 |
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