Impact Of IPO's R&D Capabilities And Its Information Disclosure On Market Performance

The research and development ability plays an important role in the enterprise's own development and market competition.This article is based on the special institutional environment of the Chinese capital market.This paper examines the relationship between the research and development ability and the performance of IPO enterprises from two perspectives.There are some innovations in the selection of R&D capability indicators and methods,which are measured by qualitative and quantitative indicators respectively.By selecting a complete sample of R&D information disclosure companies listed from 2010 to the end of 201 6,this paper found that the independent R&D capabilities have a certain impact on the post-market performance of IPO companies,and the R&D activities of IPO companies,including the increase in the number of patents and other R&D achievements.Can cause the information asymmetry between the enterprise and the investor,but also can change the enterprise value.Therefore,this information asymmetry and uncertainty of company value will also lead to changes in post-IPO market performance.According to the conclusion of this article,the more research and development investment,the better the post-market performance of IPO companies.The information disclosure part of the prospectus has a positive signal effect,which can significantly increase the investor's post-IPO market income.The more patents and the number of intellectual property rights owned,the more significant the post-IPO company's post-market performance.Therefore,the public disclosure of information on R&D capabilities in prospectus can help issuers reduce listing costs,attract investors,and drive stock prices up.At the end of the paper,the robustness test is carried out,and the results are basically consistent with the empirical part of the previous article,which further verifies the hypothesis of this paper.One of the research purposes of this paper is to verify whether the phenomenon of the market performance after the R&D capabilities of IPO companies and their information disclosure have appeared in the A-share market in China,and then provide certain suggestions for the R&D capabilities and information disclosure of IPO companies.This conclusion provides a theoretical basis for understanding the relationship between the research and development capabilities of enterprises and their information disclosure and the post-IPO performance in the capital market.It also provides the content and quality of the information disclosure part of the R&D part of China's IPO company in the prospectus.Improving the post-market performance of IPO companies and promoting the healthy development of China's A-share market provide a certain theoretical basis and research reference.Therefore,strengthening the information disclosure of the research and development capabilities of the prospectus helps the issuer to reduce the degree of information asymmetry with investors,and thus helps investors to have a full understanding and prediction of the development prospects of the proposed listed company.IPO's own R&D capabilities and its ability to disclose information on R&D are important factors that affect corporate performance and post-market performance.The fourth chapter is the core chapter of this article.While studying the R&D capabilities and their information disclosure,it not only distinguishes the difference in the impact of the company's equity nature on the performance of the post-market.It also distinguishes how different industries,such as high-tech enterprises and traditional industry IPOs,perform in the subsequent market.It also distinguishes between situations where the disclosure of information on R&D capabilities results in different market performance.In the fourth chapter,the author makes an empirical test and analysis of the assumptions presented in this paper.At the end of the fourth chapter,the robustness of the above results is tested and the reliability of the regression results is confirmed.In the fifth chapter,according to the empirical results of this article and the actual situation of A-share market,the paper analyzes and puts forward some suggestions suitable for the capital market in China.