注册制推动流动性改善了吗?——来自创业板的经验证据

Does the Registration System Improved Liquidity?——Empirical Evidence from the Implementation of Registration System in Growth Enterprise Market

近年来,以习近平同志为核心的党中央高度重视资本市场的改革,创业板实施注册制是完善资本市场基础制度和贯彻党的二十大精神的重要举措,开启了全面深化资本市场改革的新局面。本文依托资本市场开放的大背景,以创业板从“核准制”改为“注册制”事件研究注册制宣告和实施对市场流动性的影响。结果显示:无论是注册制的宣告还是实施均对市场流动性起到促进作用,所得结果具有稳健性。本文的研究结果显示注册制改革具有良好的流动性效应,丰富了注册制市场效应的研究,为主板全面推进注册制改革和市场机制完善提供了一定的理论参考。

In recent years,the Party Central Committee with Comrade Xi Jinping at its core attached great importance to the reform and development of the capital market.The implementation of registration system for gem is undoubtedly an important measure to improve the basic system of capital market and implement the spirit of the fifth Plenary Session of the 19th CPC Central Committee,opening a new situation of comprehensively deepening the reform of the capital market.This paper studies the impact of the announcement and implementation of the registration system on stock liquidity with the case of the Growth Enterprise Market’s change from the“approval system”to the“registration system”.Both the announcement and implementation of the registration system have improved stock liquidity.The results are robust.The research results of this article show that the registration system reform has a good market effect.The research results enrich the research on the registration system market effect and provide a certain theoretical reference for the main board to comprehensively promote the registration system reform and improve the market mechanism.