注册制改革对创业板企业技术创新的影响研究——基于PSM-DID模型

The Impact of Registration-Based System Reform on ChiNext Enterprises’Technological Innovation——Based on PSM-DID Model

本文选取2017-2021年我国创业板上市企业作为样本,借助熵权法综合评价构建企业技术创新指标,利用倾向得分匹配法优化数据,并以创业板实行注册制作为准自然实验,利用双重差分模型实证探讨注册制对企业技术创新水平的影响及其作用机理。结果表明,注册制的实行对创业板企业的技术创新水平产生显著促进作用,并存在一定的政策时滞效应;从技术创新阶段看,注册制改革对企业创新投入的促进作用更为明显。为此,企业应不断优化信息披露的制度体系,重视披露信息的质量;对于市场和相关中介机构,应当加强企业入市全过程的监管,加大监管力度,实现信息互联互通;同时创新司法体制,提高成文法规的落地可行性。

Taking enterprises listed on the ChiNext market from 2017 to 2021 as samples,this paper makes a comprehensive evaluation of the technological innovation in⁃dicators by using entropy method of weight.Propensity score matching method(PSM)was used to optimize the data.Based on quasi-natural experiment of registration-based IPO system on ChiNext and by means of difference-in-differences(DID)model,this pa⁃per explores the influence of registration-based system on the technological innovation of enterprises along with its mechanism of action.The results show that the former has a significant effect on the latter and there is a certain time-lag effect of policy.In terms of technological innovation,the former plays a more obvious role in promoting the latter.Therefore,enterprises need to continuously optimize their information disclosure system and meanwhile attach importance to the quality of the disclosed information.For the mar⁃ket and related intermediary institutions,the whole process of enterprises’entry into the market should be kept under stricter supervision to achieve information connectivity.At the same time,the judicial system should be innovated to improve the feasibility of writ⁃ten laws and regulations.