Research On The Relationship Between R&d Investment,patent Output And IPO Pricing

At present,China's economic development is facing the problem of transformation.The transformation and upgrading of economic development driven by innovation,the adjustment of economic structure and the transformation of economic growth mode,and the transforma t io n from traditional extensive to refined development have become China's current response.The inevitable choice of domestic and international economic situation changes,innovation is the soul of an enterprise's survival and development,and technological innovation is one of the most important innovations.As the key to improving market competitiveness,it plays an increasingly important role in the development and transformation of science and technology enterprises.It can not only reduce the production cost of enterprises,increase the operating profit rate,but also increase the market share of enterprises.It is the most important co re competitiveness of enterprises.However,technological innovation cannot be separated from R&D expenses and personnel input.To some extent,R&D Investment is the foundation of technological innovation.Technological innovation generally has the characteristics of high risk,high profit and stage.It determines the demand for R&D funds and continuous investme nt.The traditional financing channels are narrow,and the establishment of GEM provides new and medium-sized enterprises with new Financing channels.With the increasing regulation of China's IPO system,many technology-based enterprises have provided efficient financ ing channels for technological innovation through the IPO listing of the GEM.The reasonable pricing of IPO is conducive to the smooth financing of enterprises.At present,most of the research on enterprise technology innovation focuses on its impact on business performance,while the research on the GEM market is mostly based on its pricing efficiency,and less attention is paid to the R&D investment and patent production of GEM companies based on technology-based enterprises.The impact on the pricing of its issuance,the research between the three is even rarer.Therefore,this paper selects the relationship between R&D investme nt,patent output and IPO pricing of the GEM enterprises with the highest technology intensity in China as the research.Based on enterprise resource theory,enterprise core competitiveness theory,informat io n asymmetry theory,input-output theory and technological innovation theory,this paper takes the 200 listed companies listed on the GEM from 2015 to 2017 as a sample,through the literature.Research and empirical analysis methods,after combing and summarizing the existing research results of past scholars,establish a model,and use the Stata statistical software for regression analysis to study the sample company's pre-IPR R&D investment,patent output and IPO pricing.Relationship.The main results are as follows:(1)At present,GEM companies do not pay attention to patent applications,and there are insufficient R&D investment,and they pay more attention to scientific and technological talents.(2)R&D expenses and personnel investment have a positive impact on IPO pricing;(3)Patent quality on IPO Pricing has a positive impact,and the number of patents has no significant impact on IPO pricing;(4)R&D expenses and personnel input have a positive impact on patent quality,but have no effect on patent quantity;patent quality R&D investment and IPO pricing play an intermediary role.Finally,based on the analysis of the results of this paper,this paper puts forward suggestions for the benefit of enterprises.