证券交易所监督与投资者报价：来自中国首次公开发行股票征求意见函的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2024-09-01 DOI:10.1016/j.bar.2024.101361

Xiaohong Yu , Albert Tsang , Yujun Wu , Zhou Leng

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引用次数: 0

摘要

本研究探讨了中国证券交易所新近实施的首次公开发行（IPO）过程中发布意见函所导致的信息环境变化是否以及如何影响机构投资者的 IPO 报价。我们发现，IPO 审核强度（以证券交易所发布的意见函问题数量或首次招股说明书与最终招股说明书之间的长度变化来衡量）与企业从机构投资者处获得的报价数量之间存在明显的负相关关系。进一步的分析表明，IPO 审核强度与机构投资者的报价分歧呈负相关。其他分析表明，与要求披露事实信息的问题相比，机构投资者倾向于更多地关注表明监管监督的问题。总体而言，本研究的结果为以下假设提供了支持，即作为证券交易所与股票发行公司在 IPO 过程中互动的一部分，意见函的发布发挥了重要的监督作用，并因此影响了投资者的决策。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Stock exchange oversight and investor quotes: Evidence from initial public offering comment letters in China

This study investigates whether and how changes in the information environment resulting from the issuance of comment letters during the initial public offering (IPO) process, as is newly implemented by stock exchanges in China, affect IPO quotes from institutional investors. We find a significant and negative association between IPO review intensity, measured as the number of comment letter questions issued by the stock exchange or the change in length between the initial and final prospectuses, and the number of quotes received by the firm from institutional investors. Further analyses reveal that IPO review intensity is negatively associated with the divergence of quotes received from institutional investors. Additional analyses reveal that institutional investors tend to pay more attention to questions indicating regulatory oversight than to questions requesting factual information disclosure. Overall, the findings of this study provide support for the hypothesis that the issuance of comment letters, as a part of the interaction between stock exchanges and equity-issuing firms during the IPO process, plays a significant oversight role and consequently influences investor decision-making.

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来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.