学术报告：Registration-based IPO system reform and corporate patent management

报告时间：6月11日（星期三）上午10:00-11:00

报告地点：沙河校区，二教307

主持人：金佳宇 副教授

报告人：冯帆，北京航空航天大学，讲师

报告摘要：China began to experiment a registration-based initial public offering (IPO) system reform in July 2019. Therefore, China has a dual track of approval-based and registration-based IPO systems. This study analyzes a sample of firms that went public in China between 2019 and 2020 and reveals that, compared to the approval-based IPO system, the registration-based IPO system induces IPO firms to adopt more aggressive patent management practices. To meet listing qualifications, IPO firms in the registration-based system aggressively engage in patent applications shortly pre-IPO. However, patent applications immediately drop post-IPO. Consistent with our theoretical predictions, this inverted U-shape phenomenon is more pronounced for IPO firms in the registration-based system with higher underwriter co-investment ratio, higher underwriting fees, lower ownership of strategic investors, or management team without regulatory experience, and for firms in non-high-technology or less competitive industries. Further analysis suggests that more patent management activities during the IPO process results in greater IPO underpricing. We shed lights on the unintended consequences of registration-based IPO system and helps regulatory authorities to further improve relevant capital market reforms.

报告人简介：冯帆现为北京航空航天大学经济管理学院讲师，主要研究方向包括资本市场、会计信息、公司财务和绿色金融等，已在Journal of Corporate Finance、British Journal of Management、《会计与经济研究》等期刊发表过多篇论文，担任Journal of Corporate Finance、Finance Research Letters、Journal of Accounting, Auditing and Finance、Review of Accounting and Finance、Journal of Pension Economics and Finance的匿名审稿人，并参与多个国家级和省部级项目的研究。

撰稿人：刘洁

审稿人：邓露