中文摘要：

本文采用实证分析方法,利用中国创业版和中小板市场上市的303家公司的数据,分析我国中小企业上市前的专利战略与公司IPO市场表现的关系。研究发现：我国中小企业上市前的专利战略会对其IPO时的企业估值产生显著的正向影响;风险资本的参与会对我国中小企业上市时的募资表现有正向影响;上市前企业供应商集中度与其专利申请数反向相关,需求集中度与其专利申请数具有弱正向相关性,而企业上市前的国际化经营程度对其专利战略的影响并不显著;我国中小企业上市前专利申请数和风险资本的参与,对其IPO市场表现的影响程度小于欧美市场的同类数据。

英文摘要：

In this paper,we use data from 303 China GEM and SME board listed companies,through empirical analysis method to study the relationship between company＇s patent strategy and the IPO market performance of listed SMEs. We found that patent strategy before IPOwill have a significant positive impact onthe valuation of the company at IPO; participation of venture capital fund have a positive impact on IPO performance; companies＇ pre- IPO supplier concentration is inversely related to its number of patent applications,their demand concentration and their patent applications has a weak positive correlation,and the degree of internationalization before IPO has little effect on its patent strategy; the degree of influence of patent applications and venture capital participation on company＇s IPO market performance was less than the same data from The U. S and European market.