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Impacts on IPO Underpricing by the Information Disclosure of Intellectual Property- Empirical Study on SME and ChiNext Board Market of Shenzhen Stock Exchange in China

机译：知识产权信息披露对IPO抑价的影响-中国证券交易所中小企业和创业板市场的实证研究

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This paper investigated the quality of disclosure among the IPO companies on the Shenzhen SME and ChiNext board market in 2011 through three progressive indices that whether IP information was disclosed, fully disclosed and the amount disclosed. We also empirically researched the relationship between the disclosure of different IP information, the underpricing rate on the first listing day of IPO and the cumulative abnormal return in 20 trading days for the sample of IPO companies by multivariate regression analysis method. The result showed that whether the IP information was disclosed and fully disclosed were significantly negatively correlated with the underpricing rate of IPO, but no correlation with the amount disclosed and cumulative abnormal return in 20 trading days. Therefore, the suggestion for regulators and listed companies to pay attention to standard full disclosure of IP information was presented.

机译：本文通过2011年深圳中小板和创业板市场IPO公司信息披露质量的三个渐进指标，考察了IP信息是否被披露，被完全披露以及被披露的数量。我们还通过多元回归分析的方法，实证研究了不同知识产权信息的披露，IPO上市首日的定价偏低率和IPO公司样本在20个交易日内的累积异常收益之间的关系。结果表明，是否公开和充分公开了知识产权信息与IPO抑价率显着负相关，而与公开交易量和20个交易日内的累计超额收益没有显着相关。因此，提出了建议监管机构和上市公司注意标准的IP信息全面披露。

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《International Conference on Management Science and Engineering》|2017年|401-411|共11页
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Qiu Dong-Yang; Ma Jian; Cao Ya-Fei;
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Companies; Stock markets; Technological innovation; Pricing; IP networks; Finance; Intellectual property;

机译：公司;股票市场;技术创新;定价; IP网络;财务;知识产权;

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机译：中小企业板与创业板在深圳证券交易所的IPO抑价比较研究

Impacts on IPO Underpricing by the Information Disclosure of Intellectual Property- Empirical Study on SME and ChiNext Board Market of Shenzhen Stock Exchange in China

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