注册制改革会产生溢出效应吗？——基于企业投资行为的视角

Journal of Financial Research

2022, Vol. 508

Issue (10): 170-188 DOI:

Current Issue | Archive | Adv Search

Spillover Effects of the Registration System Reform from an Investment Perspective

LIU Ruilin, LI Dan

School of Economics and Management, Tsinghua University

Abstract
Figure/Table
References
Related Citation (15)

Download:

PDF (611KB)
Export: BibTeX | EndNote (RIS)

Abstract Improving the capital market's resource allocation efficiency and TFP are the key objectives of the registration system reform. It is unknown whether China's registration-based initial public offerings have a significant effect on the efficiency of the capital market and business choices. As a result, we examine this question from the perspective of firm investment.
Information disclosure is the foundation of the registration system, and firms listed on the Shanghai Stock Exchange Sci-Tech Innovation Board (STAR Market) typically have higher information disclosure standards and richer content, including comprehensive, advanced, and multidimensional industry information, as well as information specific to these high-tech firms. It improves the capital market's information richness, lowers investment uncertainty, and benefits other firms in the same industry in making economic decisions (Edmans et al., 2012, 2015; Badertscher et al., 2013). The STAR Market focuses primarily on scientific and technology innovation firms that are at the forefront of technology in those fields and meet the needs of the government in terms of critical core technologies. As a result, the competitive pressure within the same industry increases and leads to learning through imitation (Lieberman and Asaba, 2006). The aforementioned two factors may lead firms in the same industry to modify their strategies for dealing with potential growth and changes.
Based on a firm-year sample from 2017 to 2020, we use a time-varying difference-in-differences framework to explore the spillover effects of information disclosure by STAR Market listed firms on firms in the same industry. We find that the information disclosure of STAR Market listed firms increases the research and development (R&D) expenditure of firms in the same industry, and the effect improves as the content and accuracy of information disclosure increase. The results remain constant when we address endogeneity issues. The mechanism analysis shows that the spillover effects are due to the reduction in information uncertainty and the increase in competitive pressure. Meanwhile, information disclosure by STAR Market firms improves peer managers' awareness of innovation and increased media attention, thereby promoting R&D expenditure.
Further analysis indicates that while R&D expenditure is affected by the positive spillover effects of information disclosure, firms tend to reduce their investment in fixed assets and change their investment structure, resulting in improved investment efficiency and reduced over-investment. In conclusion, this paper shows that information disclosure by STAR Market firms improves the investment decisions of peer firms and enhances the efficiency of the capital market.
This paper contributes to the literature in several ways. First, the externality of accounting information is attracting increasing attention (Roychowdhury et al., 2019). Examining the spillover effects of information disclosure is important for researchers and policy makers. Using the implementation of the STAR Market, this paper provides evidence for the spillover effects of compulsory information disclosure as well as theoretical support and empirical evidence for the comprehensive evaluation of the effects of registration system reform. Second, endogeneity issues are the primary concern in the literature on peer effects. The most effective method to determine the effect of peer firms is to identify an exogenous event that can result in a change in peer firms' information disclosure (Seo, 2021). In this paper, we use the registration system reform that was recently implemented in China as a natural experiment to identify causality. Third, the goal of the registration system reform is to advance the marketization process of factor allocation and boost resource allocation effectiveness. The findings of our study provide a policy effect evaluation and policy implications related to how firm behavior can improve the function of the capital market.

Key words： Spillover Effect Registration System Reform Investment

Received: 13 October 2021 Published: 01 November 2022

JEL分类号:	D80
	M41
	G18

	Service
	E-mail this article
	Add to my bookshelf
	Add to citation manager
	E-mail Alert
	RSS
	Articles by authors
	LIU Ruilin
	LI Dan

Cite this article:

LIU Ruilin,LI Dan. Spillover Effects of the Registration System Reform from an Investment Perspective[J]. Journal of Financial Research, 2022, 508(10): 170-188.

URL:

http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2022/V508/I10/170

[1]	胡珺、黄楠和沈洪涛,2020,《市场激励型环境规制可以推动企业技术创新吗？——基于中国碳排放权交易机制的自然实验》,《金融研究》第1期,第171～189页。
[2]	胡楠、薛付婧和王昊楠,2021,《管理者短视主义影响企业长期投资吗？——基于文本分析和机器学习》,《管理世界》第5期,第139～156页。
[3]	胡志强和王雅格,2021,《审核问询、信息披露更新与IPO市场表现——科创板企业招股说明书的文本分析》,《经济管理》第4期,第155～172页。
[4]	姜付秀和刘志彪,2005,《行业特征、资本结构与产品市场竞争》,《管理世界》第10期,第74～81页。
[5]	蒋尧明和张雷云,2021,《科创板审核问询函能提升关键事项信息披露水平吗》,《当代财经》第9期,第126～136页。
[6]	李晓溪、饶品贵和岳衡,2019,《年报问询函与管理层业绩预告》,《管理世界》第8期,第173～188+192页。
[7]	刘慧龙、吴联生和王亚平,2012,《国有企业改制、董事会独立性与投资效率》,《金融研究》第9期,第127～140页。
[8]	罗长远和季心宇,2015,《融资约束下的企业出口和研发:“鱼”与“熊掌”不可得兼？》,《金融研究》第9期,第140～158页。
[9]	汝毅、薛健和张乾,2019,《媒体新闻报道的声誉溢出效应》,《金融研究》第8期,第189～206页。
[10]	谭劲松、冯飞鹏和徐伟航,2017,《产业政策与企业研发投资》,《会计研究》第10期,第58～64+97页。
[11]	王克敏、刘静和李晓溪,2017,《产业政策、政府支持与公司投资效率研究》,《管理世界》第3期,第113～124页。
[12]	温军和冯根福,2012,《异质机构、企业性质与自主创新》,《经济研究》第3期,第53～64页。
[13]	杨海生、柳建华、连玉君和江颖臻,2020,《企业投资决策中的同行效应研究:模仿与学习》,《经济学(季刊)》第4期,第1375～1400页。
[14]	杨志强、唐松和李增泉,2020,《资本市场信息披露、关系型合约与供需长鞭效应——基于供应链信息外溢的经验证据》,《管理世界》第7期,第89～105+217～218页。
[15]	叶小杰和徐可,2020,《科创板与创业板IPO信息披露差异研究——基于首批上市公司的比较分析》,《管理现代化》第4期,第7～10页。
[16]	诸竹君、宋学印、张胜利和陈丽芳,2021,《产业政策、创新行为与企业加成率——基于战略性新兴产业政策的研究》,《金融研究》第6期,第59～75页。
[17]	Badertscher,B.,N. Shroff,and H. White. 2013. “Externalities of Public Firms' Disclosures: Evidence from Private Firms' Investment Decisions”, Journal of Financial Economics, 109(3):682～706.
[18]	Beatty,A.,Liao,S.,Yu and J. J. 2013. “The Spillover Effect of Fraudulent Financial Reporting on Peer Firms' Investments”, Journal of Accounting and Economics, 55(2-3):183～205.
[19]	Bernard,D.,Blackburne,T. and Thornock,J. 2020. “Information Flows among Rivals and Corporate Investment”,Journal of Financial Economics, 136(3):760～779.
[20]	Biddle,G. C.,G.,Hilary and R. S. Verdi. 2009. “How does Financial Reporting Quality Relate to Investment Efficiency？ ”, Journal of Accounting and Economics, 48(2-3):112～131.
[21]	Bonsall IV,S.B.,Bozanic,Z. and Fischer,P.E. 2013. “What Do Management Earnings Forecasts Convey about the Macroeconomy？ ”, Journal of Accounting Research, 51(2):225～266.
[22]	Bourveau,T.,She,G. and Žaldokas,A. 2020. “Corporate Disclosure as A Tacit Coordination Mechanism: Evidence from Cartel Enforcement Regulations”, Journal of Accounting Research, 58(2):295～332.
[23]	Bushee, B. J. 1998. “The Influence of Institutional Investors on Myopic R&D Investment Behavior”, The Accounting Review, 73(3):305～333.
[24]	Bustamante,M. C. and Frésard,L. 2021. “Does Firm Investment Respond to Peers' Investment？ ”, Management Science, 67(8):4703～4724.
[25]	Dougal,C.,Parsons,C. A. and Titman,S. 2015. “Urban Vibrancy and Corporate Growth”, The Journal of Finance, 70(1):163～210.
[26]	Durnev,A.and Mangen,C. 2009. “Corporate Investments: Learning from Restatements”, Journal of Accounting Research, 47(3):679～720.
[27]	Durnev,A. and Mangen,C. 2020. “The Spillover Effects of MD&A Disclosures for Real Investment: The Role of Industry Competition”, Journal of Accounting and Economics, 70(1):101～299.
[28]	Dyer,T.,Lang,M. and Stice-Lawrence, L. 2017. “The Evolution of 10-K Textual Disclosure: Evidence from Latent Dirichlet Allocation”, Journal of Accounting and Economics, 64(2-3):221～245.
[29]	Edmans,A.,Goldstein,I. and Jiang,W. 2012. “The real Effects of Financial Markets: The Impact of Prices on Takeovers”, The Journal of Finance, 67(3):933～971.
[30]	Edmans,A.,Goldstein,I. and Jiang,W. 2015. “Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage”, American Economic Review,105(12):3766～97.
[31]	Gordon,E. A.,Hsu,H. T. and Huang, H. 2020. “Peer R&D Disclosure and Corporate Innovation: Evidence from American Depositary Receipt Firms”, Advances in Accounting, 49:100471.
[32]	Hanlon,M.,Maydew,E. L. and Shevlin,T. 2008. “An Unintended Consequence of Book-tax Conformity: A loss of Earnings Informativeness”, Journal of Accounting and Economics, 46(2-3):294～311.
[33]	Karuna,C. 2007. “Industry Product Market Competition and Managerial Incentives”, Journal of Accounting and Economics, 43(2-3):275～297.
[34]	Li,V. 2016. “Do false Financial Statements Distort Peer Firms' Decisions？ ”, The Accounting Review, 91(1):251～278.
[35]	Lieberman,M. B.,Asaba,S. 2006. “Why do Firms Imitate Dach Other？ ”, Academy of Management Review, 31(2):366～385.
[36]	Loughran,T. and McDonald,B. 2014. “Measuring Readability in Financial Disclosures”, Journal of Finance, 69(4):1643～1671.
[37]	Loughran,T. and McDonald,B. 2016. “Textual Analysis in Accounting and Finance: A Survey”, Journal of Accounting Research, 54(4):1187～1230.
[38]	Pandit,S.,Wasley,C. E. and Zach,T. 2011. “Information Externalities along the Supply Chain: The Economic Determinants of Suppliers' Stock Price Reaction to Their Customers' Earnings Announcements”, Contemporary Accounting Research, 28(4):1304～1343.
[39]	Piotroski J. D.,T. J. Wong and T. Zhang. 2017. “Political Bias in Corporate News: The Role of Conglomeration Reform in China”, The Journal of Law and Economics, 60(1):173～207.
[40]	Qin, Y.,and Xiao,H. 2021. “Market-based Financing Reforms and Shareholder Valuations: Event Study Evidence from the Chinese Sci-Technology Innovation Board”, Asia-Pacific Journal of Accounting and Economics, 28(1):1～24.
[41]	Richardson,S. 2006. “Over-investment of Free Cash Flow”, Review of Accounting Studies, 11(2):159～189.
[42]	Roychowdhury,S.,Shroff,N.,Verdi,R. S. 2019. “The Effects of Financial Reporting and Disclosure on Corporate Investment: A Review”, Journal of Accounting and Economics, 68(2-3):101246.
[43]	Seo,H. 2021. “Peer Effects in Corporate Disclosure Decisions”, Journal of Accounting and Economics, 71(1):101364.
[44]	Shroff,N.,Verdi,R. S. and Yost,B. P. 2017. “When Does the Peer Information Environment Matter？ ”, Journal of Accounting and Economics, 64(2-3):183～214.