摘要
本文利用2015-2022年沪深A股上市公司数据,考察注册制在市场稳定性方面的积极作用。研究发现:发行人注册上市能够降低其所属行业内其他企业的股价崩盘风险,且这种效应在竞争激烈的行业更为显著;机制分析表明,注册制要求的信息披露能够在行业内产生信息溢出效应,降低同行上市公司的信息不对称、提高管理层决策效率,从而缓解其股价崩盘风险。进一步分析发现,招股说明书中的创新、风险以及前瞻性文本信息构成溢出效应的信息来源,这三类信息含量越高,溢出效应越强。
Based on the data from A-share listed companies in Shanghai and Shenzhen during 2015-2022,this paper ex-amines the positive role of the registration-based IPO regime in market stability.It is found that the registration and listing of issuers can reduce the risk of stock price collapse for other companies in their industry,and this effect is more signifi-cant in highly competitive industries.Mechanism analysis shows that the information disclosure required by the registration system can generate information spillover effects within the industry,reduce information asymmetry among peer listed com-panies,improve management decision-making efficiency,and thereby alleviate the risk of stock price collapse.Further analysis reveals that the innovation,risk,and forward-looking textual information in the prospectus constitute the sources of spillover effects,and the more these three types of information,the stronger the spillover effects.
作者
李晓云
张兵
LI Xiao-yun;ZHANG Bing
出处
《现代金融研究》
CSSCI
北大核心
2024年第11期58-69,共12页
Journal of modern finance
基金
国家社会科学基金重大项目(23ZDA041)的资助。
关键词
注册制
股价崩盘风险
信息溢出
同行企业
registration-based IPO regime
stock price collapse risk
information spillover
peer company
