我国上市公司结构与质量优化研究

Research on the Improvement of the Structure and Quality of China’s Listed Firms

股票发行注册制改革是资本市场全局改革和提高上市公司质量的重要举措。本文从上市公司结构与质量变化角度探究了改革的经济后果,发现改革为小规模企业和初创企业提供了更多上市机会,并强化了资本市场对实体经济和科技创新的服务功能,有助于引导社会资金流向实体企业、高科技企业。实证结果表明,改革有助于促进公司成长和创新,尽管伴随着公司投资效率的降低。基于公司行业、规模和信息质量的异质性分析表明,改革对高信息质量公司的质量提升作用更为强烈。改革主要通过缓解融资约束促进公司质量提高,对投资效率的负向影响主要来自公司过度投资行为的加剧。此外,采用注册制上市有助于公司的股票流动性提高和股价同步性降低,但加剧了股价波动。本文验证了股票发行注册制改革在改善上市公司结构与提高上市公司质量方面的积极作用,对完善注册制配套政策、提高资本市场运行效率、促进公司提质增效具有参考与启示意义。

The registration-based IPO system reform is a crucial step toward the overall reform of the capital market reform and improving the quality of listed firms.This paper explores the economic consequence of the reform from the perspective of changes in the structure and quality of listed firms.We find that the registration-based IPO system reform provides more listing opportunities for small-scale firms and start-ups,strengthens the service function of the capital market to the real economy and scientific and technological innovation,and aids in directing the flow of social capital to real and high-tech firms.The empirical results indicate that the reform helps to promote firm growth and innovation,although it is accompanied by a reduction in the firm’s investment efficiency.The heterogeneity analysis based on firm industry,size,and information quality shows that the reform has a greater quality-enhancing effect on firms with high information quality.The reform promotes the improvement of firm quality mainly through the alleviation of financing constraints,whereas its negative impact on investment efficiency is primarily driven by the aggravation of firms’over-investment behavior.Furthermore,adopting the registration-based IPO system helps to improve firms’stock liquidity and reduce stock price synchronization but exacerbates stock price volatility.This paper verifies the positive role played by the registration-based IPO system reform in improving the structure and quality of listed firms,which has reference and enlightenment significance for improving the supporting policies of the registration-based IPO system,enhancing the capital market operation efficiency,and promoting the improvement of firm quality and efficiency.