摘
要
伴随新一轮科技革命的浪潮，国家推进信息化发展战略，以政策鼓励等形式引导信息
产业转型升级，促进我国软件企业提升自主研发创新能力。科创企业面临技术快速更新迭
代的激烈竞争，不断研发创新，寻求大额资金的持续投入以推动其创新能力的提升。与此
同时，国家推进资本市场层面的改革，扶助科技创新相关产业发展，相继设立创业板与科
创板，注册制试点改革逐渐推进，为符合国家战略需求的科创企业提供更优质更多元的上
市融资平台。现有研究多从制度层面探讨核准制下创业板与注册制改革下科创板 IPO的差
异，亦或以多家科创板上市企业为研究对象，探讨科创企业 IPO不同于以往的特点，鲜少
从微观层面具体分析企业科创板上市的情况，且科创板成立时间尚短，对科创板上市企业
的案例分析较少。本文以我国首个申请创业板上市未果继而在科创板上市的企业金山办公
为研究对象，探究其科创板上市的经验启示，以期为其他有意申请科创板上市的企业提供
借鉴，丰富关于企业科创板上市的案例研究。
首先，本文采用文献研究法归纳总结核准制下创业板与试点注册制改革背景下科创板
IPO的相关文献，依据企业生命周期理论、信息不对称理论、委托代理及企业价值管理理
论搭建理论框架。然后，使用案例分析法研究金山办公科创板上市条件与动因，分析其科
创板上市的效果。最后，对上文进行总结，探讨金山办公科创板上市带来的一般性启示，
选择在科创板上市的企业需主动把握政策机遇、注意提升自身的科技创新能力与持续经营
能力，保持稳定的公司控制权。
通过研究发现，金山办公在财务指标与市值、行业竞争力、研发投入与持续经营能力
方面均符合科创板上市要求，并且具有稳定的公司控制权，为其成功申请科创板上市创造
了条件。金山办公科创板上市后各项财务指标的整体表现呈上升趋势，在同行业可比上市
公司中具有较好的盈利能力、偿债能力与成长能力，营运能力有待增强。从非财务指标角
度来看，金山办公科创板上市后创新能力得到提升，外部监督与内部治理更加完善，品牌
影响力进一步增强。从资本市场效果来看，金山办公科创板上市后，市场表现活跃，股票
价格在波动中上升，一方面股价的反复波动表现出投资者对其发展情况持有不确定态度，
另一方面金山办公股价总体呈上升趋势，相较科创板板块整体具有较好的市场表现，估值
指标也反映出市场对金山办公的积极预期。
关键词：
金山办公；科创板；注册制；上市
I

Abstract
Along with a new wave of technological revolution, the country promotes the development
strategy of information technology, guides the transformation and upgrading of the information
industry in the form of policy encouragement, and promotes China's software enterprises to
enhance their independent R&D and innovation capabilities. Facing fierce competition from rapid
technological updates and iterations, science and innovation enterprises continue to develop and
innovate, seeking continuous investment of large amounts of capital to promote their innovation
capabilities. At the same time, the country continues to deepen capital market reform to support
the development of science and technology innovation, successively setting up Second-board
Market and STAR Market and carrying out the reform of registration system to provide a better
and more diversified listing and financing platform for science and technology innovation
enterprises that meet the national strategic needs. Most of the existing studies explore the
differences between Second-board Market under the authorization system and STAR Market
under the registration system reform from the institutional level, or take several STAR Market
listed enterprises as the research objects to explore the characteristics of IPO of science and
innovation enterprises that are different from the previous ones, but few analyze the listing of
enterprises on STAR Market from the micro level. The paper takes Kingsoft Office, the first
Chinese company unsuccessfully applying for listing on Second-board Market and then listed on
the STAR Market, as the research object to explore its experience and inspiration of listing on the
STAR Market, in order to provide reference for other companies interested in applying for listing
on the STAR Market and enrich the case studies on listing of enterprises on the STAR Market.
First, this paper adopts the literature research method to summarize the literature related to
the IPO of Second-board Market under the authorization system and the IPO of the STAR Market
in the context of the pilot reform of registration system, and builds a theoretical framework based
on the enterprise life cycle theory, information asymmetry theory, principal-agent and enterprise
value management theory. Then, we use a case study to examine the conditions and motivations
for Kingsoft Office to apply for the listing on the STAR Market and analyze the effect of its listing
on the STAR Market. Finally, we summarize the above and discuss the general insights brought
by the listing of Kingsoft Office on the STAR Market. Enterprises choosing to list on the STAR
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