企业上市、专利突击与经营绩效——基于创业板上市公司的经验证据

当代财经 ›› 2021, Vol. 0 ›› Issue (4): 78-89.

企业上市、专利突击与经营绩效——基于创业板上市公司的经验证据

巩亚林^a, 廖成赟^b, 陈实^c

西南财经大学 a. 证券与期货学院; b. 会计学院; c. 法学院,四川成都 611130

收稿日期:2020-11-06 出版日期:2021-04-15 发布日期:2021-05-26
通讯作者: 廖成赟,西南财经大学博士研究生,主要从事企业创新研究,联系方式156199319@qq.com
作者简介:巩亚林,西南财经大学讲师,博士,主要从事公司金融研究;陈实,西南财经大学副教授,博士,主要从事知识产权研究。
基金资助:
国家自然科学基金面上项目“会计信息对宏观经济的预测功能研究——基于中国情景的考察”（71872151）; 教育部人文社会科学研究青年基金项目“三类股东对企业财务决策的影响机制及其经济后果研究”（18YJC630063）

Listing of Enterprises, Patent Surge and Business Performance: Empirical Evidences from Listed Companies on GEM

GONG Ya-lin, LIAO Cheng-yun, CHEN Shi

Southwestern University of Finance and Economics, Chengdu 611130, China

Received:2020-11-06 Online:2021-04-15 Published:2021-05-26

摘要/Abstract

摘要： 以2009—2018年中国创业板公司为样本,考察公司上市前的专利突击现象,检验专利突击行为对专利质量和经营业绩的影响。研究发现：第一,创业板上市公司IPO前存在明显的专利突击现象,具体表现为专利申请数量在上市前激增,在上市后增长停滞;第二,创业板公司专利突击行为降低了专利质量和上市后的长期经营业绩;第三,相较于发明专利,非发明专利的上市前突击现象更明显;第四,2014年证监会关于创业板上市公司在招股说明书中对专利信息披露的有关规定改变了公司专利申请策略,申请时间前移,上市前已申请但未授权的专利占比降低。最后,企业突击申请专利会使投资者高估公司价值,从而损害投资者利益。研究结论有利于理解我国“专利泡沫”现象的制度诱因,对完善创业板制度和实现注册制转型具有借鉴意义。

关键词: 企业上市, 专利, 经营业绩, 投资者保护

Abstract: Taking China’s companies on GEM from 2009 to 2018 as samples, this paper explores the phenomenon of patent surge of companies before their going public and examines the impact of patent surge on their patent quality and their business performance. The results show that: firstly, there are obvious patent surges before the IPO of GEM companies, which is manifested by the sharp increase of patent applications before the IPO and the stagnation of the growth after the IPO. Secondly, the behavior of patent surges of the companies on GEM reduces the patent quality and their long-term business performance after IPO. Thirdly, compared with the inventive patents, the patent surges of non-inventive patents are more obvious before IPO. Fourthly, in 2014, the China Securities Regulatory Commission (CSRC) made some rules concerning the disclosure of patent information in the prospectus of the listed companies on GEM, which have changed the companies’ patent application strategies, the time of application is earlier and the proportion of the patents applied but not authorized before going public is lowered. Finally, enterprises’ patent surges before IPO may lead the investors to overestimate the value of the companies, which would harm the interests of investors. These research conclusions are conducive to the understanding of the institutional causes of the “patent bubble”phenomenon in China and have certain referential value for the improvement of GEM system and the realization of the transition of the Registry System.

Key words: IPO, patent, business performance, investor protection

中图分类号:

F273.1

巩亚林, 廖成赟, 陈实. 企业上市、专利突击与经营绩效——基于创业板上市公司的经验证据[J]. 当代财经, 2021, 0(4): 78-89.

GONG Ya-lin, LIAO Cheng-yun, CHEN Shi. Listing of Enterprises, Patent Surge and Business Performance: Empirical Evidences from Listed Companies on GEM[J]. Contemporary Finance & Economics, 2021, 0(4): 78-89.

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