注册制的溢出效应:基于股价同步性的研究

Spillover Effects of the Registration System:Evidence from Stock Price Synchronization

从信息溢出的视角出发,本文研究注册制下的首次公开发行是否会因为更充分的信息披露而改善同行其他已上市公司的信息环境,从而降低后者的股价同步性。以2013~2020年上市公司为样本,本文发现注册上市使得同行公司的股价同步性下降,且主要体现在信息环境较差的同行公司之中。在通过机器学习方法识别出注册制招股说明书中的创新文本信息之后,我们发现创新文本信息的占比越高,特别是其中的公司特质信息占比越高、前瞻性信息占比越高,注册制的上述溢出效应越强。机制检验显示,拓宽投资者信息获取渠道和提升同行公司信息披露质量是注册制产生溢出效应的主要途径。在经济后果方面,我们发现注册制的溢出效应具有降低同行公司股权融资成本的作用。本文在溢出效应的角度检验了注册制试点的影响,不仅丰富了注册制相关的研究,还揭示了注册制试点具有提升资本市场整体资源配置效率的重要作用。

Based on the perspective of information spillover,this study explores whether IPOs under the registration system(registered IPOs)improve the information environment of peer firms due to fuller information disclosure,thus reducing the stock price synchronization of the latter.Using listed firms from 2013 to 2020 as sample,this study finds that the stock price synchronization of peer firms decreases after a successful registered IPO,which is mainly reflected in peer firms with poor information environment.After identifying narrative R&D disclosure in registered IPO prospectuses using a machine learning approach,we find that the higher the proportion of narrative R&D disclosure,especially the proportion of firm specific information or forward-looking information in narrative R&D disclosure,the stronger the spillover effect of registered IPOs.The mechanism test shows that broadening investor information access channels and improving the quality of information disclosure of peer firms can explain the spillover effect of registered IPOs.In terms of economic consequences,we find that the spillover effect of registered IPOs can reduce the cost of equity of peer firms.This study examines the impact of the pilot registration system from the perspective of spillover effects,which not only enriches the literature related to the registration system,but also reveals the significance of the pilot registration system in improving the overall resource allocation efficiency of the capital market.