Research On The Influence Of R&D Investment On IPO Underpricing Of GEM

Research and development activities are an important force for an enterprise to maintain its core competitiveness and enhance its value.However,due to the uncertainty in the research and development process,it is difficult to estimate the value of research and development,which may easily lead to information asymmetry between the issuing enterprise and external investors and lead to IPO underpricing.Meanwhile,among the exit channels of venture capital,IPO is the most important way.In recent years,the participation of venture capital in gem has become more and more active,and the companies listed on gem are mostly high-tech enterprises,with a high level of R&D investment,a higher degree of information asymmetry and a serious underpricing rate of IPO.Therefore,this paper attempts to explore the impact of R&D investment on IPO underpricing on gem under the participation of venture capital,which is of great practical significance to encourage enterprises to increase R&D investment and alleviate IPO underpricing.This paper combines theory and empirical study.In terms of theory,firstly,the concept of R&D investment is defined,the characteristics of R&D activities are analyzed by combining with information asymmetry theory,the influence mechanism of R&D investment on IPO underpricing is analyzed,and the internal mechanism of regulation effect of venture capital is analyzed by using the effect of certification supervision and principal-agent theory.Empirically,380 companies listed on gem from 2014 to 2018 were selected to underprice R&D investment and IPO.Research hypotheses and models were put forward from five aspects: whether there is risk investment,shareholding ratio,state-owned background,and the regulatory effect of joint shareholding.Hierarchical regression and multiple regression analysis were conducted by using SPSS23.0,and robustness test was conducted to explore the impact of R&D investment on IPO underpricing on gem and the regulatory effect of venture investment.The research results show that :(1)the higher the R&D investment intensity in the three stages before the IPO,the more serious the IPO underpricing level;(2)venture capital participation significantly positively regulates the relationship between R&D input and IPO underpricing,and venture capital participation is speculative;(3)the high shareholding ratio of venture capital,the state-owned background,and the joint shareholding of two or more venture capital can reduce the speculation of venture capital through IPO,give full play to the effect of certification supervision,weaken the positive effect of R&D investment on IPO underpricing,and have a significant negative adjustment effect on the relationship between the two.Finally,this paper puts forward some Suggestions on improving the information disclosure system of research and development,introducing appropriate venture capital institutions,increasing the shareholding ratio of venture capital,strengthening the supervision of venture capital industry,and enhancing the certification effect of venture capital.