贾晓霞　钱鑫磊

摘要：鉴于IPO上市后业绩变脸事实的广泛存在，以2015—2017年在中小板上市的72家高新技术企业为研究对象，分析与揭示研发投入相关指标与高新技术企业IPO上市后业绩变脸的相关性。具体而言，首先，通过对有关偿债能力、盈利能力、营运能力、成长能力4个维度6个指标的Friedman分析及Nemenyi两两比较，说明中小板高新技术企业IPO上市后业绩变脸频出的事实;其次，基于对研发投入指标的相关性分析、多元线性回归分析与稳健性检验等，研究得出研发投入占营业收入比例的变化量、研发人员比例变化量、无形资产（去除土地使用权）占净资产比例变化量这些短期研发投入指标与IPO上市后业绩变脸的不具有显著相关性，而有效专利数量这个反映长期研发投入的指标与IPO上市后业绩变脸呈现显著的负相关关系;最后，就短期研发投入变化量与IPO后业绩变脸不具有显著相关性进行了原因剖析，并针对高新技术企业和政府分别提出了相关政策性建议。

关键词：高新技术企业;IPO;业绩变脸;研发投入;多元线性回归分析

中图分类号：F 224文献标识码：A文章编号：1672-7312（2021）03-0302-11

The Relationship of Enterprises Performance

Change after IPO and R&D Input

——Based on the Empirical Survey of SME Board

Listed Hightech EnterprisesJIA Xiaoxia，QIAN Xinlei

（School of Management，University of Shanghai for Science and Technology，Shanghai 200093，China）

Abstract：In view of the widespread enterprise’s performance change after IPO，taking 72 hightech enterprises listed on the SME board from 2015 to 2017 as the research objects，whether the indicators related to R&D investment have a significant negative correlation with the performance changes of ightech enterprises after IPO is analyzed in this article.Specifically，first of all，through Friedman’s analysis of the six indicators of the four dimensions of solvency，operating ability，profitability and growth capacity，and the subsequent Nemenyi’s pintopair comparison，the fact of performance change after IPO is verified.Secondly，based on the correlation analysis of R&D investment indicators，multiple linear regression analysis and robustness test，these shortterm indictors including the proportional variation of R&;D input occupying business revenue（ΔINP），the proportional variation of R&D personnel （ΔPER），the proportional variation of intangible asset after removing Land tenure occupying net asset（ΔPIA） are not of remarkable correlation with performance change after IPO.While as the longterm reflective indictor，valid patent number（PAT） presents the remarkable negative correlation with performance change after IPO.Last but not the least，the reason why the correlation of shortterm R&D input indictors and performance change after IPO is not remarkable may be analyzed and the corresponding policy suggestions are proposed from the viewpoint of hightech enterprise and government.

Key words：Hightech enterprises;IPO;Performance change;R&D input;Multiple linear regression analysis

0引言

IPO作為一种发行自身证券进行直接融资的方式，深受中小企业的喜爱。2004年中小板设立的初衷，本意是为中小企业提供畅通的融资渠道，然而却成为一些企业，尤其是中小板高新技术企业圈钱的工具，由此导致IPO上市前后变脸现象频出。更有甚者，在上市一年内就大幅度下调业绩预期，与上市前招股说明书中披露的财务指标形成了巨大落差，也带来了IPO整体市场投资的低落情绪。……