IPO风险因素审核问询的信息价值分析

The Study of the Information Value Brought by the Risk Factors Disclosure in the IPO Inquiry Process

聚焦注册制下IPO审核问询回复函中风险因素披露的市场影响,从风险因素披露量和披露详细程度刻画审核问询中风险因素披露特征,并从多视角讨论风险因素披露的影响。研究发现:第一,IPO审核问询回复函中风险因素披露越多、越详细,企业的IPO抑价水平越低,其主要作用机制在于风险因素信息披露降低了二级市场投资者情绪及一级市场投资者信念异质性;第二,企业风险因素披露越多、越详细,企业股票呈现出越低风险的特征;第三,审核问询中风险因素披露与IPO抑价之间的关系具有异质性,当企业IPO前负面新闻较少、受到的投资者关注更多并且有分析师进行股价预测时,风险因素披露对IPO抑价的降低作用更为显著。总体而言,IPO审核问询回复函中风险因素披露具有非常重要的信息披露效果,这显著影响了资本市场资金配置效率和信息使用者的行为。

In the registration-based system,effective information disclosure during the initial public offering(IPO)inquiry process significantly enhances IPO information quality.Among various information dimensions,highlighting risk factors is crucial for capital market development and investor decisions.Enterprise risk factor disclosure garners attention from both domestic and foreign market regulators.In contrast to standardized methods like prospectuses and annual reports,IPO inquiry process disclosure stands out for being semi-mandatory,detailed,and unique.This study thus focuses on investigating risk factor disclosure during this process.We examine companies successfully completing IPOs on the Shanghai Stock Exchange STAR Market between July 2019 and December 2021.Combining manual review and Python text analysis,we extract and analyze risk-related content from corporate comment letters.Establishing a detailed risk response index,we conduct empirical investigations into risk factor disclosure quantity,level of detail,and its impact on asset pricing.Our study unveils key findings.First,increased risk factor information disclosure reduces corporate IPO underpricing by tempering investor sentiment.Second,comprehensive risk factor disclosure during the IPO inquiry process predicts lower future stock risk for the company.Third,risk factor disclosure impact on IPO underpricing varies based on company characteristics,with fewer negative news,higher investor attention,and active analyst forecasts enhancing this effect.These findings underscore the information impact of risk factor disclosure in IPO reviews.Our paper offers two potential contributions.First,it examines the information aspects of comment letters within the Chinese registration-based system,illuminating its impact on user behavior.Second,by exploring the market consequences of risk factor information disclosure during the IPO inquiry process,this study broadens our understanding of risk factor disclosure,providing valuable insights for capital markets and investors.In conclusion,our study yields insights crucial for policy-making.IPO inquiry agencies could prioritize and accentuate inquiries regarding corporate risk factors,enhancing professionalism and effectiveness.Standardizing risk factor comment letter content and encouraging quantifiable data usage in responses can bolster risk-related inquiry content.IPO inquiry agencie can improve the quality of corporate disclosure during the IPO inquiry process by standardizing the disclosure of risk factors in the comment letters.