| 注册制改革与IPO公司投资效率 |
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| 引用本文：丁方飞1，巢娟1，黄文雅2，银梓翔3，徐远娥4.注册制改革与IPO公司投资效率[J].财经理论与实践,2024,(5):66-74 |
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| 中文摘要:选取2019年7月22日至2021年12月31日注册制和核准制“共存”窗口期的首次公开募股（IPO）公司为样本，基于熵平衡匹配检验注册制改革对投资效率的影响。研究结果表明:注册制改革提高了IPO公司的投资效率,并通过缓解融资约束和提高信息披露质量提升投资效率；同时，对投资效率的提升效应在非国有企业、市场化程度较低地区的公司、外部监督较弱的公司中更显著。鉴于此，在注册制改革的进程中要强化信息披露质量监督，关注有较好投资机会公司的融资需求。 |
| 中文关键词:注册制改革 投资效率 融资约束 信息披露质量 |
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| The Registration System Reform and Investment Efficiency of IPO firms |
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| Abstract:Based on the sample of IPO companies in the A-share market from July 22, 2019 to December 31, 2021 when the approval system and the registration system co-exist, this paper examines the impact of the registration-based reform on investment efficiency, and the results show that IPO companies under the registration system have higher investment efficiency than IPO companies under the approval system. Further analysis shows that the reform of the registration system has improved the investment efficiency by alleviating financing constraints and improving the quality of information disclosure. The heterogeneity test finds that the effect of the registration system reform on investment efficiency was more significant in non-state-owned companies, companies in regions with a low degree of marketization, and companies with less outside monitoring. As a result, the supervision of the quality of information disclosure should be strengthened, and the finance needs of firms with better investment opportunities should be considered during the registration system reform. |
| keywords:registration system reform investment efficiency financing constraints quality of information disclosure |
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