| Over the past two years the "innovation and development" in two sessions has always been the key hot words,vigorously develop innovation is the decisive factor to improve the country’s overall strength.For micro-enterprises,the road to innovation in the need for financial support,the state also provides a corresponding enterprise financing platform for high-tech enterprises to support.The use of the funds for the IPO of the use of ultra-raised funds,whether it will be applied to the R&D innovation on the relevant research.This paper first analyzes the use situation of IPO funds and the status quo of the implementation of innovative investment.Secondly,under the framework of Kahneman’s "prospect theory",the managers’ expectation of IPO overbooking is regarded as "prospect theory" In the "preference reference point",when the actual raised funds relative to the "preference reference point" is higher or lower than the change,the manager will be through the decision-making editing and evaluation of the two stages,the IPO will be divided into "Income "and" loss "two intervals.The article argues that in the case of a serious shortage,because the redundant resources are more so that managers tend to invest in innovation to obtain more long-term benefits,in the non-serious over-raised,was identified as "loss" state,managers to seek risk,May raise funds to invest in research and development projects.Then,the data of R&D intensity of 638 A-share IPO enterprises from 2007 to 2014 are selected.By means of group regression analysis,it is proved that there is a U-type relationship between IPO overriding degree and R&D intensity.At the same time,the introduction of government subsidies and corporate governance of the two regulatory variables,were grouped regression analysis,empirical results show that the two over-raised IPO-the strength of corporate R&D strength has a positive role in promoting.Finally,according to the relevant empirical test to draw conclusions,and micro-enterprises,governments and investors at three levels of policy recommendations.Enterprises to enhance the process of innovation and investment decision-making process,through the improvement of the ownership structure and other corporate governance to improve the efficiency of the use of ultra-raised funds;the government will be based on the industry,IPO over-raised degree,corporate governance and other factors to consider how The rational allocation of government resources;from the investor’s point of view,should improve the market regulators of speculative behavior restrictions,making the real competitive strength of high-tech enterprises to raise funds and rational use. |
