财务信息、特征信息与创业板有效监管

Financial Information,Characteristic Information and Effective Supervision on ChiNext

已修订的创业板上市规则进一步放大了以创新创业型中小企业为主体的创业板上市公司的退市风险,实施有效监管的必要性显得更为突出。目前,创业板监管主要依据的是常规性财务信息,而忽略创业板上市公司的创新、创业及规模等特征信息地,在新的上市规划下是否足够有效?为此,本文以滞后一季度的实际业绩增长和市场认同度作为监管标准的替代指标,利用二元选择模型就财务信息与特征信息对监管指标的影响显著性进行了实证研究。实证结果表明,特征信息部分地对监管指标产生了较为显著的影响,而财务信息对监管指标的影响则相对更为显著;同时,对高新技术企业和非高新技术企业两组样本所做的实证表明,影响两组样本监管指标的因子间区别显著。其政策启示是,在监管我国创业板过程中,不应淡化财务信息披露要求,而应同时强调财务信息与特征信息的披露;另外,针对高新技术企业和非高新技术企业的监管侧重点也应有所区别。

The delisting risk amplified greatly as rules of ChiNext have been modified.So,we have to supervise ChiNext more effectively.Innovative and start-up,small & medium-sized enterprises(ISSMEs) were the main part of ChiNext listed companies,and these ISSMEs have remarkable characters,such as self-dependent innovation,fast growth,and low-quality corporate governance,etc.So logically,we mainly focused on the disclosure of financial information,and ignored most characteristic information,this arrangement must be doubted.Was this reasonable? To answer this question,an empirical study based on 361 samples with ChiNext's first 65 listed companies from IPO to Q2,2011 was given in this paper.The results suggest that only few characteristic information indices of our ChiNext's listed companies could influence the operation and market performance significantly,while most of financial information indices would influence two supervisory bases.Also,this paper gave another empirical study between high technology enterprises(HTE) and non-HTE.The difference of influencing factors with HTE and non-HTE was remarkable.So,as paper concluded,we should emphasize the disclosure of financial information and characteristic information simultaneously,and we should do some different focuses when we supervise HTE and non-HTE.