| Since the reform and opening up,China's economy has developed rapidly,and technological innovation as the core production method is essential to improve the company's future profitability and enhance its competitive advantage,and is an important driving force for maintaining economic growth and social stability.Since 2016 "patent fee reduction measures" was formally implemented,the number of patent applications in China has increased dramatically,but the quality of the patent has been criticized by many people.On the other hand,since the public offering of the the National Equities Exchange and Quotations(NEEQ)in 2013,many small and micro enterprises have obtained financing through the NEEQ.Compared with the main board,the New Third Board pays more attention to the growth of the enterprise,and the growth is not only the size of the enterprise and the amount of its assets,but also the new business model and the future of the enterprise,as an important performance factor of enterprise innovation,patent plays an important role in the IPO examination of New Third Board enterprises.As an important embodiment of the future value of an enterprise,patent assets are also an important indicator for investors to judge the development potential of an enterprise.Compared with the Growth Enterprise Market(GEM)that also attaches great importance to patent innovation,the patent quantity and quality on the NEEQ market are slightly inferior.It is hoped that the research on patents and post-IPO performance of enterprises in this paper can improve the patent capabilities of NEEQ-listed enterprises,thereby promoting the improvement of enterprise competitiveness.This article uses the ICT,technology services,and manufacturing companies listed on the NEEQ from 2014 to 2015 as samples.The number of authorized invention patents,the number of authorized utility model patents and the number of authorized design patents of the sample enterprises before the IPO are selected as the quantity indexes of the patents,selecting the other citation quantity and the patent life of the granted patent as the quality index of the patent,and take the quantity index of the patent and the quality index of the patent as independent variables,the operating income growth rate of the sample enterprises in the two years after the IPO,Tobin Q,and the return on assets as dependent variables,analysis of the effect of Patent on the performance after IPO by multiple linear regression model.The results of the model show that the number of patents has no significant effect on the firm's performance,and the regression results show that the number of invention patents and the number of design patents have negative effects on the firm's return on assets,there is a positive correlation between patent quality and post-IPO performance,and the influence of patent quality on post-IPO performance is gradually weakened.Along with this,through deep excavation of patent sources,this paper removes the sample enterprises that contain patent transfers in the patent sources and then performs a regression analysis again.The regression results show that the number of patent indicators is positively significant to the performance of the company.According to the results of this study,the number of patents can not promote the performance of enterprises,and the quality of patents has a significant impact on the performance of enterprises.If the number of patents is too large but the quality of patents is not high,the low conversion rate of new products and the high patent maintenance cost will also bring the risk of reducing enterprise performance.Finally,based on the results of the model,it provides opinions and suggestions for enterprises that will be listed on the NEEQ. |
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