一刀兩刃效果－－論研究發展支出對IPOs發行折價之影響

The Impact of R&D Expenditures on IPOs Underpricing --A Double-Edged Sword Perspective

財務學者大都自資訊不對稱角度探討研究發展支出與初次上市櫃公司股票(initial public offerings, IPOs)發行折價之間關係，認為研究發展支出提高了資訊不對稱程度，因而提高IPOs 的發行折價；然而，研究發展卻是公司創造潛在價值不可或缺的活動，是公司長期成長、績效及品質的訊號(Teece, 1998; DeCarolis and Deeds, 1999)。因此研究發展支出與個別IPO 發行折價兩者間理應不是單調線性關係。我們更進一步探討高科技產業類別與公司生命週期能否調節特定IPO 正式發行前研究發展支出與發行折價之間的關係。實證結果顯示研究發展支出對個別IPO 發行折價具有一刀兩刃效果特性。若研究發展強度適中時，對投資人而言研究發展支出是公司品質訊號指標，能夠減緩發行折價；但若特定IPO 發行前研究發展投入成本愈高，且超過一定水準，研究發展成果不確定性進而上升，資訊不對稱愈嚴重，將提高IPO 發行折價。最後，高科技產業別與公司生命週期都會調節研發支出與發行折價間的非單調線性關係。對高科技產業而言，研究發展活動更能有效傳遞公司的品質訊號，而提高公司評價，並降低發行折價。投資人對於成長階段，或成立時間較短公司所投入的研發支出，確實會給予較高的評價，而降低折價幅度。

Finance scholars typically investigate the relationship between research and development (R&D) expenditures and underpricing of initial public offerings (IPOs) from the angle of information asymmetry. However, R&D activities are also the source of potential value creation activities (Teece, 1998; DeCarolis and Deeds, 1999) suggesting that R&D expenditure is the signal of the long-term growth, performance and quality of a firm. This paper examines the nonmonotonic relationship between R&D expenditure and IPO underpricing. We further investigate if high-tech industry and life cycle moderate the relationship between R&D expenditure and underpricing. We find a significant non-monotonic relationship between R&D expenditure and underpricing indicating a double-edged sword effect. If R&D intensity is moderate, it is a quality signal tool to lower the extent of underpricing. However, with R&D expenditure higher than a certain level, the information asymmetry increases and raises underpricing. Finally, high-tech industry and life cycle both moderate the non-monotonic relationship between R&D expenditure and underpricing. R&D expenditure help high-tech firms signal their value to improve investors’ valuation on R&D activities to ease IPO underpricing. Investors also value the growing or younger firms higher when they put more efforts on R&D.