| 注册制改革与同行核准制公司的风险承担 |
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| 引用本文：吴锡皓1，谭嘉怡1，陈沉2.注册制改革与同行核准制公司的风险承担[J].财经理论与实践,2025,(2):81-89 |
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| 中文摘要:基于注册制改革的准自然实验，利用2012—2022年中国沪深A股上市公司数据，从同行核准制公司风险承担的视角探索此项改革带来的溢出效应。结果显示：注册制改革显著提高了同行核准制公司的风险承担水平。注册制改革主要通过缓解同行核准制公司的融资约束、加大其研发投入力度的渠道而产生溢出效应。注册制公司数量较多、竞争程度较高的行业中，溢出效应更明显。鉴于此，应完善资本市场的融资功能、降低企业的融资约束、增大企业的研发投入力度、促进同行企业之间的公平竞争，助力企业提高风险承担水平。 |
| 中文关键词:注册制改革 风险承担水平 行业竞争 溢出效应 |
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| Registration Reform and Risk Taking of Peer-Approved Firms |
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| Abstract:Based on a quasi-natural experiment of registration reform, this study explores the spillover effects of the reform from the perspective of risk-taking of peer-approved firms by using the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2012 to 2022. The research finds that the registration system reform has a positive spillover investment on the risk-taking level of peer-approved firms. Mechanism tests show that the registration reform increases the risk-taking level of peer-approved firms mainly through the channels of easing the financing constraints of peer-approved firms and increasing their R&D efforts. Heterogeneity tests show that the above spillover effects are more pronounced in industries with a larger number of registration system firms and a higher degree of competition. In view of this, it is necessary to improve the financing function of the capital market, reduce financing constraints for firms, increase R&D investment, promote fair competition among peer enterprises, which can help firms improve their risk-taking level. |
| keywords:registration reform level of risk-taking industry competition spillover effects |
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