科创板注册制、研发“粉饰”与IPO定价效率

当代财经 ›› 2023, Vol. 0 ›› Issue (9): 135-146.

科创板注册制、研发“粉饰”与IPO定价效率

左璇^1,2, 章卫东¹

1.江西财经大学会计学院,江西南昌 330013;
2.江西科技师范大学国际教育学院,江西南昌 330038

收稿日期:2022-12-28 修回日期:2023-06-20 出版日期:2023-09-15 发布日期:2023-09-15
通讯作者: 章卫东,江西财经大学教授,博士生导师,主要从事资本市场与企业融资研究,联系方式jxrzwd@126.com。
作者简介:左璇,江西财经大学博士研究生,江西科技师范大学讲师,主要从事财务管理研究。
基金资助:
江西省高校人文社会科学项目“科创板IPO特征、承销商声誉与IPO定价效率实证研究”（JJ22209）

Registration System of Science and Technology Innovation Board, R&D“Window Dressing” and IPO Pricing Efficiency

ZUO Xuan^1,2, ZHANG Wei-dong¹

1. Jiangxi University of Finance and Economics, Nanchang 330013;
2. Jiangxi Science and Technology Normal University, Nanchang 330038, China

Received:2022-12-28 Revised:2023-06-20 Online:2023-09-15 Published:2023-09-15

摘要/Abstract

摘要： 科创板新股发行实行注册制,强调对拟上市的公司的研发审核。在信息不对称的情况下,科创企业可能会为了成功过会而进行研发“粉饰”。以2019—2021年科创板上市公司为研究样本,实证分析了科创板上市公司是否会为了获得上市资格而进行研发“粉饰”以及研发“粉饰”对IPO定价效率的影响。研究发现,科创板上市公司存在研发“粉饰”行为。进一步研究发现,研发“粉饰”提高了上市申请的过会率,降低了IPO定价效率。为此,在全面注册制改革的背景下,要加强对研发指标的审核,杜绝研发“粉饰”行为,尤其要提高在科创板申请上市的企业的科创属性的审核标准,以提升上市公司的研发水平,促进企业高质量发展。

关键词: 科创板, 研发“粉饰”, IPO定价效率

Abstract: The new shares issuing on the Science and Technology Innovation Board shall be registered, which emphasizes the review of research and development of the companies to be listed. In order to be succeeded in the listing, the scientific and creative enterprises will try to“window dress”their R&D in the situation of information asymmetry. Taking the listed companies on the Science and Technology Innovation Board from 2019 to 2021 as research samples, this paper conducts an empirical analysis of whether the listed companies on the science and technology innovation board would “window dress”their R&D in order to be listed and the impact of the“window dressing”on IPO pricing efficiency. The findings show that the listed companies on the science and technology innovation board have R&D“window dressing”behavior. Further research shows that R&D“window dressing”has raised the passing rate of listing applications and reduced the efficiency of IPO pricing. Therefore, under the background of the comprehensive registration system reform, it is necessary to strengthen the check of the research and development indicators and put an end to R&D“window dressing”behavior, especially to raise the auditing standards of science and technology innovation attribute of the enterprises which apply for listing on the science and technology board, so as to improve the R&D level of listed companies, and promote the high-quality development of enterprises.

Key words: science and technology innovation board, R&D“window dressing”, IPO pricing efficiency

中图分类号:

F275.5

左璇, 章卫东. 科创板注册制、研发“粉饰”与IPO定价效率[J]. 当代财经, 2023, 0(9): 135-146.

ZUO Xuan, ZHANG Wei-dong. Registration System of Science and Technology Innovation Board, R&D“Window Dressing” and IPO Pricing Efficiency[J]. Contemporary Finance & Economics, 2023, 0(9): 135-146.

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