在我国资本市场全面实行注册制背景下,审核问询制度成为了对发行人进行信息披露审查的重要手段。本文基于此背景,选取2023年4月10日至2024年6月30日全面注册制下上海证券交易所首发上市的111家公司作为研究对象,应用文本分析技术,实证...在我国资本市场全面实行注册制背景下,审核问询制度成为了对发行人进行信息披露审查的重要手段。本文基于此背景,选取2023年4月10日至2024年6月30日全面注册制下上海证券交易所首发上市的111家公司作为研究对象,应用文本分析技术,实证检验了审核问询回复函的质量以及语调对IPO抑价的影响。研究表明:第一,审核问询回复函的质量越高,IPO抑价越低。第二,审核问询回复函的语调越积极,IPO抑价越低。根据理论分析和实证研究的结果,本文对完善我国资本市场的审核问询制度提出了以下建议:一是建立多层级的问询问题库,针对不同行业、不同发展阶段的企业,设置标准化和个性化相结合的问题清单。二是加大信息披露违规的处罚力度,提高违规成本,切实保障信息披露质量。Under the background of the comprehensive implementation of the registration system in China’s capital market, the audit and inquiry system has become an important means to review the information disclosure of issuers. Based on this background, this paper selects 111 companies listed on the Shanghai Stock Exchange from April 10, 2023 to June 30, 2024 under the full registration system as research objects, and applies text analysis technology to empirically test the impact of the quality and tone of audit inquiry response letters on IPO underpricing. The research shows that: first, the higher the quality of the audit inquiry response letter, the lower the IPO underpricing. Second, the more positive the tone of the review inquiry response letter, the lower the IPO underpricing. According to the results of theoretical analysis and empirical research, this paper puts forward the following suggestions to improve the audit and inquiry system of China’s capital market: First, establish a multi-level question bank, and set up a list of standardized and personalized questions for enterprises in different industries and different stages of development. The second is to increase the penalties for information disclosure violations, increase the cost of violations, and effectively ensure the quality of information disclosure.展开更多
A well-developed financial market system is crucial for supporting high-quality development in the new era.Initial Public Offerings(IPOs)are essential for enabling financial markets to facilitate new industrialization...A well-developed financial market system is crucial for supporting high-quality development in the new era.Initial Public Offerings(IPOs)are essential for enabling financial markets to facilitate new industrialization while accelerating the development of a manufacturing powerhouse.Therefore,research on IPO mechanism reform holds significant practical implications.This paper examines the impact of China’s IPO mechanism reform by studying the equilibrium relationship between the primary market and the lending market.Using empirical analysis,we compare the average return on online subscriptions for newly listed shares using the risk-free rate before and after China’s 2015 IPO mechanism reform,as well as analyze the underlying mechanisms driving excess returns during both periods.Our findings indicate a gradual alignment of returns in the primary and lending markets,with institutional arbitrage opportunities between them diminishing.The reforms have effectively enhanced market mechanisms,improved pricing capabilities,rationalized participant behavior,and optimized the securities market ecosystem.These improvements have contributed to the market’s equilibrium and enhanced the market’s ability to interpret information.However,further improvements to the IPO mechanism are necessary,including deeper market-oriented reforms,standardization of participant behavior,acceleration of a comprehensive registration system,and stronger information disclosure and quality management.展开更多
文摘在我国资本市场全面实行注册制背景下,审核问询制度成为了对发行人进行信息披露审查的重要手段。本文基于此背景,选取2023年4月10日至2024年6月30日全面注册制下上海证券交易所首发上市的111家公司作为研究对象,应用文本分析技术,实证检验了审核问询回复函的质量以及语调对IPO抑价的影响。研究表明:第一,审核问询回复函的质量越高,IPO抑价越低。第二,审核问询回复函的语调越积极,IPO抑价越低。根据理论分析和实证研究的结果,本文对完善我国资本市场的审核问询制度提出了以下建议:一是建立多层级的问询问题库,针对不同行业、不同发展阶段的企业,设置标准化和个性化相结合的问题清单。二是加大信息披露违规的处罚力度,提高违规成本,切实保障信息披露质量。Under the background of the comprehensive implementation of the registration system in China’s capital market, the audit and inquiry system has become an important means to review the information disclosure of issuers. Based on this background, this paper selects 111 companies listed on the Shanghai Stock Exchange from April 10, 2023 to June 30, 2024 under the full registration system as research objects, and applies text analysis technology to empirically test the impact of the quality and tone of audit inquiry response letters on IPO underpricing. The research shows that: first, the higher the quality of the audit inquiry response letter, the lower the IPO underpricing. Second, the more positive the tone of the review inquiry response letter, the lower the IPO underpricing. According to the results of theoretical analysis and empirical research, this paper puts forward the following suggestions to improve the audit and inquiry system of China’s capital market: First, establish a multi-level question bank, and set up a list of standardized and personalized questions for enterprises in different industries and different stages of development. The second is to increase the penalties for information disclosure violations, increase the cost of violations, and effectively ensure the quality of information disclosure.
基金funded by the Shanghai Planning Office of Philosophy and Social Science under the project“Evaluation of Shanghai’s Practices in Modernizing the National Economic Governance System and Governance Capacity”(No.2020BJB020)。
文摘A well-developed financial market system is crucial for supporting high-quality development in the new era.Initial Public Offerings(IPOs)are essential for enabling financial markets to facilitate new industrialization while accelerating the development of a manufacturing powerhouse.Therefore,research on IPO mechanism reform holds significant practical implications.This paper examines the impact of China’s IPO mechanism reform by studying the equilibrium relationship between the primary market and the lending market.Using empirical analysis,we compare the average return on online subscriptions for newly listed shares using the risk-free rate before and after China’s 2015 IPO mechanism reform,as well as analyze the underlying mechanisms driving excess returns during both periods.Our findings indicate a gradual alignment of returns in the primary and lending markets,with institutional arbitrage opportunities between them diminishing.The reforms have effectively enhanced market mechanisms,improved pricing capabilities,rationalized participant behavior,and optimized the securities market ecosystem.These improvements have contributed to the market’s equilibrium and enhanced the market’s ability to interpret information.However,further improvements to the IPO mechanism are necessary,including deeper market-oriented reforms,standardization of participant behavior,acceleration of a comprehensive registration system,and stronger information disclosure and quality management.
