保荐人特征对IPO公司信息披露质量的影响研究

Research on the Influence of Sponsor Characteristics on the Quality of Information Disclosure of IPO Companies

在双重保荐制下,保荐人的声誉机制会对其保荐上市公司的信息披露质量产生重要影响。本文以2004年以来在深圳证券交易所上市的公司为样本,以该所年度信息披露考评结果作为信息披露质量的度量指标,验证保荐人特征与公司首发上市后信息披露质量的关联。研究结果表明:保荐人特征对公司的信息披露考核结果有一定影响,具体表现为保荐人经验值越丰富、学历越高,其所保荐的公司首发上市后的信息披露质量越高。保荐人的其他特征如性别、注册变更记录和诚信记录对公司信息披露质量无显著影响。本文在一定程度上验证了保荐人声誉机制的有效性,为新股发行制度改革提供了一定启示。

Under the dual sponsorship system, the sponsor’s reputation will have a significant impact on the information disclosure quality of the IPO company. This paper uses the companies listed on the Shenzhen Stock Exchange since 2004 as a sample, and takes the annual information disclosure evaluation results of the stock exchange as a measure of the information disclosure quality, in order to verify the relationship between the sponsor’s personal characteristics and the information disclosure quality after the IPO process. The empirical results show that the sponsor’s personal characteristics have certain impacts on the company’s information disclosure assessment results. More specifically, the richer the experience and the higher the education level of the sponsor, the higher the information disclosure quality of the IPO company. Other characteristics of sponsors such as gender, registration record and integrity record have no significant impact on information disclosure quality. This paper verifies the validity of the sponsor’s reputation mechanism to a certain extent, and provides some insights for the reform of the IPO system.