核准制下IPO从严审核的代价——最严发审委的发审效果研究被引量：4

The Cost of Strict IPO Screening Under Approval-based IPO System:A Study on the Effect of the Most Stringent Issuance Examination Committee

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摘要本文基于核准制下"大发审委"(第十七届发行审核委员会)从严审核的自然实验,考察了IPO(initial public offering,首次公开募股)从严审核的资源配置效应。研究发现,在严格的问责制度下,中国证券监督管理委员会发行审核委员会(简称发审委)倾向于显著地降低发审通过率,同时规避自身风险,选择财务指标良好的低风险企业(营业收入增长高的企业),而回避高风险但可能具有发展潜力的企业(研发费用高的企业)。其次,在从严审核时期,拟上市企业承担了更多的IPO费用以提高IPO审核通过率。此外,相较非"大发审委"时期的过会企业,"大发审委"审核通过的企业更可能出现业绩变脸,这样的审核标准忽略了企业未来的成长性和发展潜力,没有得到投资者的认同,市场表现也更差。 Based on the natural experiment of the 17th Issuance Examination Committee(IEC)of CSRC,this paper investigates the effect of the most stringent issuance examination committee on capital market’s resource allocation efficiency.We find that under the strict accountability mechanism,IEC tends to significantly reduce the pass rate for IPO applications,and avoid its own risks by approving low-risk enterprises with good financial indicators(enterprises with high revenue growth in the past three years),and rejecting high-risk enterprises with development potential and growth(enterprises with high R&D costs).We also find that in the most stringent IEC period,the companies to be listed bear more IPO costs to improve the IPO pass rate.In addition,compared with other periods,the enterprises approved by the most stringent IEC are more likely to face negative post-IPO performance changes;such examination standards ignore the future growth and development potential of enterprises,and are not recognized by investors,therefore the market performance of the stock is worse.

作者方芳夏立军曹宇莲 Fang Fang;Lijun Xia;Yulian Cao(Business School,Beijing Normal University,Beijing,China 100875;Antai College of Economics Management,Shanghai Jiao Tong University,Shanghai,China 200083;Graduate School of Education,Peking University,Beijing,China 100871)

机构地区北京师范大学经济与工商管理学院上海交通大学安泰经济与管理学院北京大学教育学院

出处《当代会计评论》 2020年第4期1-24,共24页 Contemporary Accounting Review

基金国家自然科学基金青年项目“垄断与高管薪酬增长和差距”(71603028) 国家自然科学基金面上项目“资本市场法治供给与会计信息质量关系研究”(72072115) 财政部“会计名家培养工程”项目“中国式资本市场、公司治理与企业发展”、上海国际金融与经济研究院“试点注册制提升资金配置功能和举措研究”的资助。

关键词核准制行政管制发审委资源配置效率 IPO screening administrative regulation issuance examination committee resource allocation efficiency

分类号 F832.51 [经济管理—金融学]

作者简介方芳,副教授,E-mail:13810023457@126.com;夏立军,教授,E-mail:ljxia@sjtu.edu.cn;曹宇莲,博士研究生,E-mail:yuliancao711@pku.edu.cn。