摘要
在以信息披露为核心的注册制下,上市公司信息披露质量及其经济后果备受关注。基于科创板上市公司首次公开发行(IPO)网上路演互动交流的文本信息,在利用深度学习模型构建衡量IPO网上路演策略性互动问答指标的基础上,实证检验了IPO网上路演互动交流环节中的模板化问答和答非所问这两种策略性互动问答对上市首日股票收益的影响和作用机制。研究发现,策略性互动问答对上市首日股票收益有负向影响。机制分析发现,策略性互动问答会使投资者产生消极情绪,因而策略性互动问答会降低上市首日股票收益。进一步分析发现,涉及发行概况和发行人基本情况、公司治理、投资者保护主题的策略性互动问答更容易使投资者产生消极情绪,从而更会对上市首日股票收益产生负向影响;在主板和科创板上,上市公司的策略性互动问答引起的市场反应无明显差异,说明相比于同时期实行核准制的主板市场,实行注册制的科创板上市公司IPO网上路演的信息披露质量并未提高。为此,监管部门要从事前、事中、事后开展多环节、全链条监管;拟上市的公司要构建新型投资者关系。
Under the registration system with information disclosure at its core,the quality of in-formation disclosure by listed companies and its economic consequences have attracted significant at-tention.On the basis of using deep learning models to construct interactive Q&A indicators for mea-suring IPO online roadshow strategies,this study empirically tests the impact and mechanism of tem-plate based Q&A and non-question based strategic interactive Q&A in the interactive communication section of IPO online roadshows on stock returns on the first day of listing.The findings show that strategic interactive Q&A has a negative impact on stock returns on the first day of listing.The mechanism analysis reveals that strategic interactive Q&A can generate negative emotions among in-vestors,thus reducing stock returns on the first day of listing.Further analysis reveals that strategic interactive Q&A sessions related to the issuance overview,basic information of the issuer,corporate governance,and investor protection themes are more likely to generate negative emotions among in-vestors,thereby having a negative impact on stock returns on the first day of listing.There is no sig-nificant difference in market reactions caused by strategic interactive Q&A of listed companies on the main board and the science and technology innovation board,indicating that compared to the main board market that implemented the approval system at the same time,the quality of information dis-closure for IPO online roadshows of listed companies on the STAR market that implemented the reg-istration system has not improved.To this end,the regulatory authorities need to carry out multi link and full chain supervision before,during,and after the event.The companies planning to go public need to establish a new type of investor relationship.
作者
张盛鹏
李姚矿
梁睿昕
Zhang Sheng-peng;Li Yao-kuang;Liang Rui-xin(Hefei University of Technology,Hefei 230009,China)
出处
《当代财经》
北大核心
2025年第6期150-164,共15页
Contemporary Finance and Economics
基金
安徽省重点智库项目“金融赋能安徽数字经济高质量发展的模式与政策研究”(JS2023HGXJ0005)
国家自然科学基金青年项目“基于公司创业投资与技术联盟的外部知识搜寻对创新二元性的影响研究”(72002063)。
作者简介
张盛鹏,合肥工业大学博士研究生,主要从事资本市场与公司治理研究;通信作者:李姚矿,合肥工业大学教授,博士生导师,管理学博士,主要从事风险投资与众筹研究,联系方式:liyaokuang@hfut.edu.cn;梁睿昕,合肥工业大学博士研究生,主要从事数字化转型与双元创新研究。
