| The opening of the securities market has improved the capital market of our country,now it has become the main source of financing for our country's enterprises,attracting many investors at home and abroad to participate in it,which greatly promote the development of our country's enterprises at the same time,but also promote the economic takeoff of our country.The main board stock market solves the financing demand problem of state-owned enterprises and some enterprises above the scale in the development process and promotes the development of enterprises above the scale of our country.At the same time,in order to further improve China's capital market,alleviating the financial difficulties of small and medium-sized high-tech enterprises in China to encourage the development of high-tech enterprises,China opened the gem market in may 2009,which is of great importance to small and medium-sized enterprises.According to the previous research experience,according to some scholars of China's capital market research,due to China's capital market is not perfect.At the same time,because of the small size of gem enterprises,the establishment of a short time and other characteristics,leading to the enterprise's R&D investment in internal and external financing will often be restricted,which will affect the enterprise's R&D investment.At the same time,due to the characteristics of R&D investment,the high R&D investment is often accompanied by a high IPO under-pricing(the first day of the listing price is higher than the issue price).Although China introduced relevant policies in 2014 to limit the IPO under-pricing phenomenon,but the effect is not very obvious.These problems will affect the normal development of Chinese enterprises and the stock market.This paper takes the financial data of gem enterprises from 2009 to 2016 as the research sample,constructs the financing constraint index by using logistic regression,quantifies the qualitative enterprise financing constraints,and then analyzes the impact of R&D investment on IPO under-pricing under different financing constraints.The main reasons of this paper are:(1)the characteristics of gem enterprises such as small size,short establishment time and high R&D investment meet the main requirements of this paper;(2)before the listing of enterprises due to a single financing channels,easy to cause financing constraints;(3)gem since its establishment has the characteristics of high IPO under-pricing.Through the corresponding theoretical and empirical research,the conclusions of this paper are as follows:(1)the level of financing constraints is negatively related to the level of R&D investment;(2)there is a positive correlation between R&D input level and IPO under-pricing rate;(3)there is a positive correlation between the level of financing constraints and IPO under-pricing;(4)under the background of low financing constraints,R&D investment will lead to lower IPO under-pricing level,indicating that the adequacy of funds is essential for R&D investment.Through the conclusion of this paper,we can see that China's gem enterprises before listing is indeed facing serious financing constraints,which affect the R&D investment,eventually lead to the emergence of IPO under-pricing phenomenon,and low financing constraints of IPO under-pricing rate of enterprises.Through the above research conclusion,this paper believes that we should increase the financing channels of enterprises,reduce the degree of financing constraints,reducing the degree of information asymmetry between traders to solve the problem of high IPO under-pricing gem enterprises. |
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