股票发行注册制改革能提升上市公司质量吗——基于投资银行声誉视角的考察

Can the Reform of Registration-Based IPO System Improve the Quality of Listed Companies?An Investigation from the Perspective of Investment Bank Reputation

股票发行注册制改革的核心在于信息披露和市场化交易,让市场来发挥决定性作用。然而,中国资本市场在A股已经突破5 000家上市公司,量增的同时,相比核准制是否质优,核心的投资银行能否发挥声誉机制是各方密切关注的重点。本文以中国股票发行注册制改革的科创板和创业板为研究对象,实证检验发现:注册制改革的科创板和创业板上市公司质量更优,表现为营收和净利润增长更快,销售毛利率更高,研发投入更多,研发人员占比更高,信息披露更为充分且ESG表现更加突出;在注册制公司样本中,投资银行发挥了较好的声誉机制,表现为投资银行声誉越高,其承销的IPO公司经营绩效更佳、研发投入更多,研发能力更强;高声誉的投资银行拿到注册批文的时间更短,同时其保荐的IPO公司经营绩效下滑更小,即低声誉投资银行承销的公司,在上市后的“变脸”相较更严重。本文的研究结果表明,当前投资银行的执业质量在股票发行注册制改革背景下已体现出较好的声誉机制,其筛选的IPO项目提升了上市公司质量。未来,投资银行应进一步强化其声誉功能,加强对保荐公司上市后的辅导和再融资工作,同时在信息披露上发挥更大的作用。

The core of the reform of registration-based IPO system lies in information disclosure and market-oriented transactions,allowing the market to play a decisive role.However,in the Chinese capital market,with over 5000 listed companies in the A-share market and with a continuous increase in quantity,the focus of attention from all parties is whether the core investment bank exerts its reputation mechanism,rather than whether the registration-based system is of higher quality compared to the approval-based system.This paper takes the Science and Technology Innovation Board(STAR Market)and the Growth Enterprise Board(ChiNext)as research objects,and the empirical test shows that the quality of listed companies on the STAR Market and ChiNext under the registration-based IPO system reform is better.They demonstrate faster revenue and net profit growth,higher gross profit margin on sales,stronger R&D investment,higher proportion of R&D personnel,more adequate information disclosure,and more prominent ESG performance.In the sample of companies under the registration system,investment banks have demonstrated a strong reputation mechanism.This is evidenced by the fact that higher reputation of investment banks is associated with better business performance and higher R&D investment in the IPO companies they underwrite,indicating stronger research and development capabilities.Investment banks with high reputation obtain regulatory approval for registration in a shorter period of time,and the IPO companies they sponsor have a smaller decline in business performance.In other words,companies under the sponsorship of investment banks with low reputation experience a more significant"face of change"after going public.The research findings of this paper indicate that the current practice quality of investment banks has demonstrated a better reputation mechanism under the registration system,as it has improved the quality of listed companies through the selection of IPO projects.In the future,investment banks should further strengthen their reputation function by enhancing their guidance and refinancing efforts for sponsored companies after their listing,as well as playing a greater role in information disclosure.