企业财务信息质量与注册制推行的市场反应

以2020年4月27日,证监会发布《中国证监会就创业板改革并试点注册制主要制度规则向社会公开征求意见》为研究事件,检验市场对全面推行注册制的反应。结果表明,短期内市场整体产生显著的负面反应,尤其是财务信息质量较差的上市公司,负面反应更强烈。进一步分析显示,《征求意见》的发布引起市场广泛讨论,且投资者情绪偏向负面,从舆情的角度也表明当前市场对注册制的实施仍存在担忧。

Financial Information Quality of Listed Firms and Market Reactionto the Registration-based IPO System

The market reaction to Registration-based IPO System implementation could be studied by using theannounced on April 27,2020 as an event.Results suggest that in short term,market reacts negatively,especially to firms with poor financial information quality.Further analysis shows that the consultation causes widespread market discussion,and negative investors’sentiment,indicating that the market still concerns about the implementation of the registration system from the public opinion perspective.