CAJ | 학술논문

IPO超募为创业板企业研发投入提供了充裕的资金保障，但这是否意味着管理层愿意增加企业研发投入呢？本文实证考察了IPO超募资金与创业企业R＆D投入之间的作用机制。研究发现，管理层对超募资金的预期影响了企业的R＆D投入强度。当企业超募超过预期规模，属严重超募时，随着企业冗余资源的增加，“冗余式”研发投入强度会增强；当企业超募低于预期规模，属非严重超募时，随着企业实际超募程度的加剧，企业“问题式”研发投入意愿会减弱，超募严重程度与R＆D投入之间存在着u型关系。进一步研究还发现，政府补贴力度强化了超募程度与企业R＆D投入之间的敏感度。本文的结论表明，应合理引导管理层对超募的预期，这也为理解转轨制度背景下的创业板企业R＆D投入作用机制提供了一个新视角。
IPO초모위창업판기업연발투입제공료충유적자금보장，단저시부의미착관리층원의증가기업연발투입니？본문실증고찰료IPO초모자금여창업기업R＆D투입지간적작용궤제。연구발현，관리층대초모자금적예기영향료기업적R＆D투입강도。당기업초모초과예기규모，속엄중초모시，수착기업용여자원적증가，“용여식”연발투입강도회증강；당기업초모저우예기규모，속비엄중초모시，수착기업실제초모정도적가극，기업“문제식”연발투입의원회감약，초모엄중정도여R＆D투입지간존재착u형관계。진일보연구환발현，정부보첩력도강화료초모정도여기업R＆D투입지간적민감도。본문적결론표명，응합리인도관리층대초모적예기，저야위리해전궤제도배경하적창업판기업R＆D투입작용궤제제공료일개신시각。
IPO super offering provides a sufficient capital guarantee for enterprise＇s R＆D input. However, does management be willing to increase R＆D input？ This paper empirically investigates the mechanism between IPO super offering and R＆D input. The results show that the management＇s expectation of IPO super offering impacts the extent of R＆D input. The enterprise increases the slack R＆D input when its IPO super offering exceeds the expected scale, and decreases problemistic R＆D input when its IPO super offering is less than the expected scale. There is a nonlinear U-shaped relationship between IPO super offering extent and enterprise＇s R＆D input. Further research indicates that the level of government subsidies intensifies the sensitivity between IPO super offering extent and R＆D input. Thus, this paper provides a new perspective for understanding the mechanism of ChiNext board enterprises＇ R＆D inputs in China＇s transition economy.