Abstract：The establishment of the STAR Market and the pilot registration-based system represent a significant institutional innovation aimed at integrating technological innovation with capital markets.The associated evaluation system for science and technology innovation(STI)attributes is designed to channel capital toward high-quality innovators by establishing“hard technology”standards.Specifically,sci-tech innovation enterprises seeking an IPO must meet either standard criteria—such as R&D personnel,R&D investment,operating revenue,and invention patents—or satisfy exception clauses,such as receiving national-level science and technology awards.Using a sample of enterprises applying for IPO on the STAR Market as of March 2025,this study employs survival analysis and propensity score matching to examine how STI attributes affect IPO success.The results indicate that R&D personnel and operating revenue significantly promote IPO success,whereas R&D investment exhibits a negative effect,highlighting the decisive role of market-oriented screening under the registration-based system.Firms using exception clauses do not achieve a significantly higher IPO success rate compared to those meeting standard criteria,reflecting a regulatory orientation that prioritizes“substance over form”.Further analysis classifies the types of IPO failures into voluntary withdrawal and regulatory rejection.Operating revenue mainly promotes IPO success by reducing voluntary withdrawal.R&D investment indicator simultaneously increases both voluntary withdrawal and regulatory rejection.Invention patents have heterogeneous impacts on different failure types,whereas exception clauses show no significant advantage.This study reveals the dual constraints of regulatory review and market recognition in STAR Market IPOs and provides empirical evidence for improving the evaluation system of STI attributes and capital market's support for the real economy.
孙玉涛, 陈佳, 王宇开. 常规指标还是例外条款更有效？——企业科创属性与科创板IPO[J]. 中国科技论坛, 2026(9): 54-63.
Sun Yutao, Chen Jia, Wang Yukai. Are Conventional Indicators or Exceptional Clauses More Effective? —Corporate Science and Technology Innovation Attributes and STAR Market IPO. , 2026(9): 54-63.
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