注册制改革是否强化了保荐人专业能力的作用?——基于首次公开发行股票审核进程视角的考察

Can the Registration System Reform Strengthen the Role of Sponsor Representatives' Professional Competence? Evidence from the Perspective of IPO Review Process

注册制改革强调要更好地发挥和压实中介机构的“看门人”责任。那么,注册制改革是否真的强化了中介机构及其专业胜任能力的作用?本文立足于核准制和注册制并存的市场环境,考察保荐人项目经验对首次公开发行股票审核进程的潜在重要影响,研究发现:(1)保荐代表人的项目经验越丰富,其后续负责的首次公开发行股票项目在审核中耗用的时间越短,被问询的问题数和轮次越少,审核问询函回复质量越高,即审核进程越顺利,而且审核的通过概率也越高;(2)相比于核准制,保荐代表人项目经验对首次公开发行股票审核进程的积极影响在注册制下表现得更强。进一步本文发现,注册制下保荐代表人项目经验的相关积极影响对于业务复杂性更高的公司表现得更强。此外,保荐代表人经验越丰富,公司上市首日抑价率越高,上市后的“业绩变脸”问题越小,股票回报率越高。总之,本文不仅丰富了注册制背景下首次公开发行股票审核和中介机构作用的相关文献,而且能够为深化注册制改革提供有益参考。

The registration system reform highlights the need to enable intermediary agencies to function effectively and strengthen the in⁃termediaries'gatekeeping role.Can the registration system reform really strengthen the role of intermediaries and their professional compe⁃tence?Based on the market environment where approval system and registration system coexist,this paper explores the potential important im⁃pact of sponsor representatives'project experience on IPO review process.The results show that:(1)The sponsor representatives'projects expe⁃rience helps to reduce the time spent,comments,and rounds in IPO review process,and improve the quality of issuers'responses,that is,it can make the IPO review process smoother and increase the approval probability of the IPO review.(2)The positive impact of sponsor repre⁃sentatives'project experience on the IPO review process is more pronounced under the registration system.Furthermore,we find that the posi⁃tive impact of sponsor representatives'project experience under the registration system is more pronounced for firms with higher business com⁃plexity.In addition,sponsor representatives'projects experience is positively correlated with IPO underpricing rate and stock returns,and nega⁃tively correlated with the degree of deterioration of financial performance.This paper not only expands the literature regarding IPO review and the role of intermediary agencies under the registration system,but also provides important reference for deepening the registration system re⁃form.