注册制改革的跨市场溢出效应:保荐代表人视角——基于保荐业务工作底稿政策新规的经验证据被引量：2

Cross-market spillover effects of registration reform from a sponsor representative’s perspective:Empirical evidence based on new regulations on sponsorship working papers policy

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摘要借助我国IPO市场注册制和核准制并行的独特场景,基于注册制下保荐业务工作底稿提交审查的政策规定,通过考察保荐代表人在注册制市场IPO保荐经历对其核准制IPO客户信息披露质量的影响,评估注册制改革的跨市场溢出效应.研究发现:具有注册制市场IPO保荐经历的保荐代表人会显著提升其核准制IPO客户信息披露质量.机制检验发现:保荐代表人的经验积累效应,尤其是其同行业保荐经历,以及个人声誉机制是注册制改革产生跨市场溢出效应的重要渠道.拓展性检验发现:保荐机构声誉、客户业务复杂度会显著增强保荐代表人注册制保荐经历对其核准制IPO客户信息披露质量的作用.经济后果检验发现:保荐代表人注册制保荐经历可以降低其核准制客户IPO抑价率,并促进其客户的长期绩效.本文基于保荐代表人这一IPO市场重要中介机构的视角,量化评估了注册制改革产生的跨市场溢出效应,为我国继续完善全面推行的注册制以助力资本市场高质量发展提供了理论支撑. In China’s IPO market,characterized by parallel registration and approval systems,this study evaluates the cross-market spillover effects of registration reform.It analyzes how sponsor representatives’IPO sponsorship experience in the registration market impacts the information disclosure quality of their approved IPO clients.The research underscores that sponsor representatives with registration market experience notably enhance their clients’disclosure quality,affirming the positive economic impact of registration reform.Mechanism tests highlight the significance of experience accumulation,especially within the same industry,and the personal reputation of sponsor representatives in facilitating cross-market spillover effects.Moreover,extensibility tests reveal that the sponsor representative’s reputation and the complexity of the client’s business amplify the influence of registration system experience on disclosure quality.Economic consequence tests demonstrate that registration-based sponsorship experience reduces IPO price suppression and enhances long-term client performance.By focusing on sponsor representatives,crucial intermediaries in the IPO market,this study quantifies cross-market spillover effects,providing theoretical backing for China’s ongoing efforts to enhance the registration system and promote high-quality capital market development.

作者叶云龙王红建 YE Yunlong;WANG Hongjian(Business School,Zhengjiang Wanli University,Ningbo 315100,China;School of Finance,Jiangxi University of Finance&Economics,Nanchang 330013,China)

机构地区浙江万里学院商学院江西财经大学金融学院

出处《系统工程理论与实践》北大核心 2025年第2期503-519,共17页 Systems Engineering-Theory & Practice

基金国家社会科学基金一般项目(22BGL040)。

关键词注册制改革保荐代表人 IPO 信息披露质量 registration reform sponsor representative IPO quality of information disclosure

分类号 F275 [经济管理—企业管理]