注册制改革下审核问询与信息披露——基于科创板的证据

Research on the Quality of Audit Inquiry and Information Disclosure:Evidence Based on Sci-Tech Innovation Board

审核问询机制是科创板注册制改革的关键,深入剖析审核问询对企业信息披露的影响及其经济后果,可为优化审核问询机制提供决策参考。基于信息质量视角,运用Python软件爬取科创板上市公司多轮审核问询回复函的文本信息和招股说明书的申报稿、注册稿,构建审核问询质量和信息披露质量,并以此为基础考察科创板上市公司的信息质量相关关系及其作用机制,验证审核问询机制在IPO发行中的重要性,是对审核问询相关文献的重要补充。研究结果表明:审核问询质量与信息披露质量成显著正相关关系。进一步分析发现,机构投资者、律所声誉、企业违规程度等不同外部治理情境下,审核问询质量对信息披露质量的影响存在显著差异,为进一步总结审核问询经验、优化审核问询机制提供决策参考。

The key to the registration-based reform lies in the mechanism of audit inquiry.Through an in-depth analysis of the impact of audit inquiry information on information disclosure quality and its economic consequences,this paper covers various stages of IPO issuance,providing decision-making references for further optimizing the audit inquiry mechanism.Based on the perspective of information quality,this paper uses Python software to collect public documents related to the application process of IPO prospectuses of Sci-Tech Innovation Board listed companies.By constructing measures of audit inquiry quality and information disclosure quality,this paper investigates the relationship between audit inquiry quality and information quality and explores their underlying mechanisms.The research findings indicate a significant positive correlation between audit inquiry quality and information disclosure quality.It is further found that there are significant differences in the impact of audit inquiries on disclosure quality under different external governance situations,such as institutional investors,law firm reputation,and the degree of corporate violations,which provides a reference for further summarising the experience of audit inquiries and optimising the audit inquiries mechanism.