我国创业板上市企业治理问题研究述评与展望

创业板市场的兴起与涌现出的问题引起了众多学者的关注.总结当前研究成果,研究主要集中在揭示创业板上市公司IPO抑价奇特现象背后的实质,提出了与解释主板IPO抑价现象不同的承销商合谋假说、投资者非理性假说与制度漏洞假说;分析创业板上市公司内部治理有效性,突出了创业企业内部治理优化与主板成熟企业内部治理安排的比较性;探讨创业板上市公司的技术创新投入和创新能力以及创新对绩效的贡献,主要对创业企业的成长性进行综合评价.通过当前研究的梳理,指出了今后在创业板市场规范与创业板上市公司治理领域中重点关注的方向.

The review and prospect of the GEM market governance issues in China

The rapid development of the growth enterprise market has caused many scholars＇ attention. Many schol- ars devoted to the research, which has made a lot of good research. The research reveals the essence of the strange phenomenon behind IPO underpricing in companies listed on GEM. The research put forward a different motherboard underwriters collusion hypothesis, investors are irrational and system vulnerability. The research analyzes the status about the internal governance in companies listed on GEM, emphasizing the importance of the entrepreneurial enterprise governance optimization. Based on these studies, we discuss the contribution of technological innovation GEM investment and innovation capabilities and innovation on the performance, and the growth of entrepreneurial enterprises comprehensive evaluation.