关键词: 一致行动协议, 控制权安排, IPO折价, 资本市场专利制度

Abstract: The actual controllers of some companies sign an acting-in-concert agreement at the time of their initial public offerings, thus achieving a concentration and tilting of control rights to the founding team members.The results of the study show that, compared to the real controllers of other companies, those of high-tech companies and companies with a lower shareholding ratio of the majority shareholder are more likely to adopt acting-in-concert agreements at the time of initial public offerings.In the short term, signing an acting-in-concert agreement sends a signal to outside investors with asymmetric information that signatories other than the actual controllers are willing to endorse the real controllers and have confidence in the innovation of the business model led by the actual controllers.This is reflected in investors' willingness to pay a higher premium for companies having acting-in-concert agreements at the time of initial public offerings.In the long run, after signing acting-in-concert agreements, the expectation of actual controllers for the stability of their control rights will encourage the continuous investment in human capital of the founding team members, reduce the short-term tunneling behavior and ultimately lead to performance improvement.Thus, acting-in-concert agreements adopted by high-tech companies during initial public offerings become a "patent system in capital market".

Key words: acting-in-concert agreements, control rights arrangement, IPO discount, patent system in capital market