注册制改革下的市场反应——基于科创板与创业板的分析

Market reactions under registration-based IPO reforms:Analysis based on STAR market and ChiNext board

本文立足我国股票市场的注册制改革,考察不同市场板块实施注册制前后变化,并从财务风险因素与企业股权属性两个角度对注册制实施后各板块上市公司的反应进行了探讨.研究发现,注册制实施后,科创板的平均上市时间最短,同时注册制改革不仅提高了创业板的上市效率,而且对提升主板的上市效率也有促进作用.进一步考察发现:第一,在创业板注册制改革事件中,科创板上市公司表现出负面的短期反应以及正面的长期反应;第二,在注册制改革中,创业板上市公司无论是短期还是长期都产生了正面反应;第三,整体来看,财务风险较小的公司在注册制改革事件中表现均更好;第四,与非国有企业相比,国有企业对于注册制改革事件的反应更为负面;第五,注册制实施后,不同市场板块上市公司的股价信息含量均有所提升;第六,注册制实施后,创业板上市公司股票流动性显著增加.本文研究表明不同板块对注册制实施的反应存在差异,可为全面实行注册制改革的政策运用和路径选择提供一定的决策参考.

Based on the registration reform of China’s stock market,this paper examines the changes in different market segments before and after the introduction of the reforms.We examine the market reactions of each board after the introduction of the registration system,from the perspective of financial distress risk and ownership structure of the control shareholders.The research finds that after the implementation of registration-based IPOs,the average time of listing in the STAR market is the shortest;meanwhile,the reforms have improved the listing efficiency of both the ChiNext board and the main board.We also find that:1)In the event of the registration system reform of the ChiNext board,the listed companies of the STAR market showed negative short-term responses and positive long-term responses.2)In both registration system reform events,those listed companies on ChiNext board have produced a positive response in both short-term and long-term.3)On the whole,the market of companies with less severe financial risks performed better in the two registration system reform events.4)Compared with non-SOEs,the response of SOEs to the two reform events is more negative.5)Increase on the informativeness of stock prices has been detected across markets after the reform.6)After the reform,the ChiNext Board has seen a rise in stock liquidity.Our research shows that there are significant differences in the impact of the introduction of the registration systems in different sectors in China’s stock market,which could provide some reference for the policy application and path selection of the comprehensive implementation of the registration reform in the stock market in the future.