科创板注册制下的审核问询与IPO信息披露——基于LDA主题模型的文本分析

Registration system review inquiry and IPO information disclosure on STAR market: Textual analysis based on LDA topic model

“以信息披露为核心”是IPO注册制的本质要求.在科创板试点注册制背景下,发行上市审核问询能否完善IPO信息披露内容、提升IPO信息披露质量,是市场能否在资源配置中发挥决定性作用的关键.以2019年7月~2021年9月科创板341家IPO公司为样本,本文研究了注册制审核问询对IPO信息披露的作用.研究结果表明:1)在上市审核阶段,信息披露程度较低、技术信息披露不够充分的招股书,会收到更多的审核问询函.2)注册制审核问询能提升招股书信息披露的程度,问询前后两版招股说明书在文本长度、文本句长、文本可理解性、和文本定量信息上显著增加,总体来说审核问询函对特定主题关注会导致招股书在对应主题信息披露的增加.3)进一步分析表明,审核问询函能降低机构投资者报价分歧度.文章研究结论有助于理解注册制改革背景下交易所审核问询发挥的监管作用,同时也丰富了IPO信息披露影响因素相关研究.

“Taking Information disclosure as the core” is the requirement of the registration-based IPO system. In the context of the pilot registration-based IPO system on STAR market, whether the content and quality of IPO information disclosure can be improved is a prerequisite for the market to play a decisive role in resource allocation. Based on a sample of 341 companies successfully listed on the STAR market from July 2019 to September 2021, this paper examines the relationship between registration system review inquiries and IPO information disclosure. This main results are as follows.(1)At the IPO review stage, prospectuses with a lower degree of information disclosure and insufficient technical information disclosure will receive more review inquiry letters.(2)Registration system review inquiry letters can enhance the degree of prospectus disclosure, sentences’ length, textual comprehensibility, and quantitative information;review inquiry letters focusing on a particular topic will lead to an increase in prospectuses’ information disclosure on the corresponding topic.(3) Further analysis shows that review inquiry letters reduce the divergence of institutional investors’ offering prices. The results can deepen the understanding of the regulatory role played by SSE review inquiries in the context of the pilot registration-based IPO system, and enrich the research related to the impact factors of IPO disclosure.