科创板审核问询函要求回应媒体质疑能提升IPO定价效率吗

当代财经 ›› 2022, Vol. 0 ›› Issue (8): 124-137.

科创板审核问询函要求回应媒体质疑能提升IPO定价效率吗

蒋尧明¹, 杨嘉逸^1,2, 邓瑶¹

1.江西财经大学会计发展研究中心/会计学院,江西南昌 330013;
2.江西科技师范大学经济管理学院,江西南昌 330038

收稿日期:2022-04-21 修回日期:2022-06-07 出版日期:2022-08-15 发布日期:2022-09-09
通讯作者: 杨嘉逸,江西财经大学博士研究生,江西科技师范大学讲师,主要从事上市公司会计信息披露及监管研究,联系方式237212539@qq.com。
作者简介:蒋尧明,江西财经大学教授,博士生导师,博士,主要从事上市公司会计信息披露及监管研究;邓瑶,江西财经大学博士研究生,主要从事上市公司会计信息披露及监管研究。
基金资助:
江西省社会科学规划项目“‘非充分竞争类’国有混改企业的超额利润分享机制研究”（21GL45）; 国家自然科学基金项目“会计师事务所合伙人与非合伙人签字注册会计师民事责任的配置及其对执业质量的影响研究”（71962011）; 江西省高校人文社会科学研究项目“证交所问询函监管、科创板关键事项信息披露与IPO 定价”（JJ20103）

Can Response to Media Questions Required by Review-Inquiry Letters of the Science and Technology Innovation Board Improve the Efficiency of IPO pricing?

JIANG Yao-ming¹, YANG Jia-yi^1,2, DENG Yao¹

1. Jiangxi University of Finance and Economics, Nanchang 330013;
2. Jiangxi Science and Technology Normal University, Nanchang 330038, China

Received:2022-04-21 Revised:2022-06-07 Online:2022-08-15 Published:2022-09-09

摘要/Abstract

摘要： 在全面注册制背景下,科创板审核问询函要求拟上市公司回应媒体质疑有什么效果?以在科创板发行上市的公司为研究对象,从信息披露更新的角度,实证研究了审核问询要求回应媒体质疑对IPO定价效率的影响。研究发现：审核问询要求回应媒体质疑能显著提升IPO定价效率,且回应内容越详细,提升程度越高;回应媒体质疑能提升信息披露质量,从而能IPO定价效率。进一步研究表明：回应内容涉及的研发费用、营业收入和营业成本指标对IPO定价效率影响更显著;回应央媒质疑更能提高IPO定价效率。

关键词: 审核问询, 信息披露更新, 媒体质疑回应, IPO定价效率

Abstract: In the context of the overall registration system, the review and inquiry letter of the science and technology innovation board requires the companies applying for listing to respond to the media questions, what will be the effect? Taking the companies listed on the science and technology innovation board as the research objects, this paper conducts an empirical study of the impact of responding to the media questions required by the review and inquiry letters on the efficiency of IPO pricing from the perspective of information disclosure. The findings show that the requirement to respond to media questions in the review and inquiry letters can significantly improve the IPO pricing efficiency, and the more detailed the responding content, the higher the degree of improvement. To respond to the media questions can improve the quality of information disclosure, thereby improve the efficiency of IPO pricing. The results of further study show that the R&D expenses, operation income and operating cost indicators in the response content have a more significant impact on the IPO pricing efficiency, and that to respond to the questions of the central media can better improve the efficiency of IPO pricing.

Key words: review and inquiry, information disclosure updates, respond to media questions, IPO pricing efficiency

中图分类号:

F275.5

蒋尧明, 杨嘉逸, 邓瑶. 科创板审核问询函要求回应媒体质疑能提升IPO定价效率吗[J]. 当代财经, 2022, 0(8): 124-137.

JIANG Yao-ming, YANG Jia-yi, DENG Yao. Can Response to Media Questions Required by Review-Inquiry Letters of the Science and Technology Innovation Board Improve the Efficiency of IPO pricing?[J]. Contemporary Finance & Economics, 2022, 0(8): 124-137.

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