IPOs and R&D Staff Manipulation for Companies on the SSE STAR Market
Conformity with the attributes of science and innovation is the primary prerequisite for companies to IPO on the SSE STAR Market.In ad-dition,R&D talent pool is the driving force to enhance innovation.This paper analyses the manipulation of R&D personnel in IPO firms and its economic consequences in the context of the"pseudo-STAR"anomaly on the SSE STAR Market.It is found that the ratio of R&D personnel is"consciously"ma-nipulated during the IPO process,as evidenced by the rapid increase in the ratio before listing and the sharp decrease after listing.Further testing reveals that regulatory attention,innovation strength and financing constraints have a significant impact on firms'R&D staff management behaviour.The economic consequences show that the proportion of firms moving up to manage R&D staff improves the success rate of IPOs on the SSE STAR Market.However,it undermines innovation input-output efficiency and leads to a reduction in the efficiency of social resource allocation,which is contrary to the original in-tention of the establishment of the SSE STAR Market.On the one hand,this paper provides a new perspective for the study of corporate behaviour in the IPO process.On the other hand,this paper provides a reference for improving the listing rules of the SSE STAR Market and promoting the high-quality development of the capital market.
SSE STAR MarketR&D Personnel ManipulationIPO Opportunistic BehaviourCorporate Performance
万方数据
维普
