R&D Investment、R&D Information Disclosure Quality And IPO Underpricing

As one of the world’s main capital markets,China’s IPO underpricing has been high,and it is widely concerned,especially in the China’s Growth Enterprise Market.High IPO underpricing lead to impairment of the first-level market resource allocation,and increased the financing cost of enterprises objectively.At the same time,GEM companies generally attach importance to R&D innovation,corresponding R&D inputs become the key indicator in the enterprises`value,but R&D investment is easier to cause information asymmetry between IPO’s main body,and increased the difficulty of the market’s value judgment on the market,thus become an important cause of IPO underpricing of GEM companies.Since R&D investment is just a digital R&D information,investors need more effective incremental R&D information in the value judgment of high uncertain research and development activities,in which case is more fully,reliable high-quality R&D information disclosure,it can objectively meet the R&D Information needs of investors.Therefore,this paper is based on the screening of the 2014～12020GEM listed company as the sample.On the basis of the relevant theory and literature review,the empirical inspection of R&D investment on the IPO underpricing of GEM companies,and analyze the adjustment of the quality of enterprise R&D information disclosure.The results showed that: More R&D intensity induces higher IPO underpricing;and the improvement in the quality of R&D information disclosure has significantly alleviated the positive impact of R&D investment on IPO underpricing;On this basis,the heterogeneous situation was further analyzed: on the one hand,at the corporate level,the relationship between R&D investment,IPO underpricing and R&D information disclosure quality is more prominent in high-tech enterprises,large enterprises and non-state-owned enterprises;On the other hand,at the level of institutional investors,with the participation of venture capital,the role of R&D investment in increasing IPO underpricing and the moderating effect of R&D information disclosure quality on the relationship between the two are more significant.At the same time,when the ratio of venture capital is lower,its "opportunity" tendency is more pronounced,and the R&D investment level has a more significant positive impact on IPO underpricing,and the advancement of R&D information disclosure quality will not alleviate the information asymmetry caused by the R&D investment of.Based on empirical analysis,this paper proposes relevant recommendations from the perspective of regulatory agencies,issued enterprises and investors.