科创板科创属性审核制度变迁及迎合效应研究
Research on the Changes and Catering Effect of the Science and Technology Innovation Attribute Review System of the STAR
沈振宇 1沈宇秀2
作者信息
- 1. 上海国家会计学院 上海 200122
- 2. 新加坡国立大学 新加坡 999002
- 折叠
摘要
科创板是否支持和鼓励"硬科技"企业上市,是社会各界普遍关注且对科创板IPO审核及科创板建设具有重大意义的问题.依据科创属性审核制度变迁脉络,将科创板科创属性审核划分为三个阶段;将科创属性审核三个阶段的IPO申报企业进行比较研究,发现科创板科创属性审核整体激励申报企业增加研发投入,提升创新绩效,支持了"硬科技"企业上市;但研发投入量化指标实施后,也出现了明显的"凑指标"现象,验证了科创属性审核的迎合效应,并发现了研发投入"凑指标"的指标基数及其变化;审核机构对科创属性进行实质重于形式审核,提升了科创属性审核把关质量.基于此,本文从科创板拟申报企业、中介机构和交易所三方,就科创属性审核提出针对性政策建议.
Abstract
Whether the STAR supports and encourages"hard technology"companies to go public is a widely concerned and significant issue for the IPO review and construction of the STAR in various sectors of society.Based on the vein of the change of the science and technology(S&T)innovation attribute review system,the review of the S&T innovation attribute of the STAR is divided into three phases.A comparative study of IPO reporting en-terprises in the three phases of the S&T innovation attribute review reveals that the S&T innovation attribute re-view of the STAR as a whole has incentivized reporting enterprises to increase R&D investment,improve innova-tion performance,and support the listing of"hard technology"enterprises.However,after the implementation of quantitative indicators for R&D investment,there was a clear phenomenon of"gathering indicators",which verifies the catering effect of S&T innovation attribute review and identifies the indicator base of the"gathering indicators"of R&D investment and its changes.Review agencies conduct substance-over-form review,which improves the quality of S&T innovation attribute reviews.Based on this,this paper puts forward targeted policy recommenda-tions on the review of S&T attributes from proposed listed company,intermediary agency and stock exchange.
关键词
科创板/注册制/信息披露/IPO审核/科技创新/研发投入/新质生产力/科技金融Key words
STAR/registration system/information disclosure/IPO review/S&T innovation/R&D investment/new quality productivity/S&T finance引用本文复制引用
基金项目
财政部2023年全国会计重点科研课题/中国会计学会2022年重点科研课题(2022KJA03)
国家自然科学基金项目(72172076)
出版年
2024
NETL
NSTL
万方数据