IPO anomalies and innovation capital
IPO anomalies and innovation capital
复制标题
IPO异常与创新资本
DOI：
10.1007/s11156-006-8543-7
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
Pei
中科院分区：
文献类型：
--
作者：
C. Chin;Picheng Lee;G. Kleinman;Pei
根据现行公认会计原则，创新资本通常作为资产支出和/或不确认。这就造成了会计信息的不对称。本文研究了创新资本（在这里测量的R&D支出和授予的专利代理）和首次公开募股（IPO）异常的关联。这些异常包括初始IPO抑价，蜜月期（台湾IPO环境的一个显著特征）和长期业绩。本研究的理论模型是一个信号模型。结果表明，更多的创新公司更有可能被低估，并有较长的蜜月期比创新性较低的公司。此外，更具创新性的公司具有正的和不断增长的长期市场调整回报。这与文献中证明的首次公开募股公司的长期股票表现下降形成鲜明对比。我们的结论是，在IPO招股说明书中披露的上市前的研究和开发支出，向公众发布的新开发的专利的官方月度报告，和专利引用的频率显着信号抑价和未来的市场表现的IPO公司在台湾。
Innovation capital are typically expensed and/or unrecognized as assets under current generally accepted accounting principles. This results in accounting-related information asymmetry. This paper examines the association of innovation capital (as measured here by the proxies of R&D expenditures and granted patents) and initial public offerings (IPO) anomalies. These anomalies include initial IPO underpricing, duration of honeymoon (a distinct feature of the Taiwanese IPO environment), and long-term performance. The theoretical model underlying this research is a signaling model. The results indicate that more innovative firms are more likely to be underpriced, and have longer honeymoon periods than less innovative firms. Further, the more innovative firms have positive and growing long-term market-adjusted returns. This stands in contrast to the declining long-term stock performance of initial public offering firms that is evidenced in the literature. We conclude that pre-IPO research and development expenditures disclosed in the IPO prospectus, official monthly reports of newly developed patents released to the public, and the frequency of patent citations significantly signal both underpricing and future market performance of IPO firms in Taiwan.