| On November 5,2018,Xi Jinping,the president of China,claimed at the first China International Import Expo,the science and technology innovation board will be set up in the Shanghai stock exchange and a pilot registration system.The registration-based system is an important sign that our capital market reform has entered the deep water area.From a macro perspective,it can optimize the efficiency of capital market,lead and demonstrate other capital market reforms,perfect multi-level capital market system,promote the deep integration of science and technology and capital,deepen the supply-side structural reform of finance,etc.From a micro perspective,the reform of the registration-based system means the withdrawal of the IPO administrative approval right,and the investors lose the protection of "call options" under the approval system.At the same time,it also means that investors should pay more attention to the acquisition and utilization of information,so as to stimulate investors to seek investment value in more information,and objectively promote the improvement of the efficiency of the capital market.Information disclosure is the cornerstone of the credit system in capital markets.The key to the reform of the registration-based system is that under the information asymmetry,the information game between regulators and listed companies will be transferred to the information game between investors and listed companies.Therefore,the quality of information disclosure of listed companies on the information supply side and the ability of investors on the information demand side to discover and respond to information determine the efficiency of price discovery and resource allocation in the market.The implementation of the registration-based system is based on the high-quality information disclosure,so can the company information disclosure under the registration-based system affect the efficiency of market price discovery,and what is the impact mechanism?The discussion of this issue is of great significance to deepening the reform of the registration-based system.Based on this,this dissertation selects the data of the science and technology innovation board enterprises under the background of the reform of the registration-based system as the research object,combines the practice of information disclosure of listed companies under the registration-based system,takes corporate information transparency as the key element,and uses price discovery efficiency as the proxy variable of capital market effectiveness to study the impact of corporate information transparency on price discovery efficiency dissertation.Specifically,this dissertation defines the key concepts of corporate information transparency and price discovery efficiency through literature review,and expounds the institutional background and theoretical basis of this study.On this basis,the dissertation constructs an economic model of the company’s information transparency and price discovery efficiency,explains the mechanism of the effect of information transparency on price discovery efficiency,and lays the theoretical analysis foundation of the article.In the empirical test part,,based on the information theory principle and the time sequence of the information source,this dissertation focuses on the indicators reflecting the company’s information transparency in three dimensions:the prospectus information transparency of leading information,the performance prediction information transparency of instant information and the financial report transparency of lagging information.And the fixed effect model,heterogeneity analysis and intermediary effect analysis were used to investigate the mechanism of the influence of corporate information transparency on price discovery efficiency under different dimensions.The findings of this study are as follows: first,the prospectus transparency can significantly improve the price discovery efficiency,and in the IPO financing scale is relatively high,the IPO lottery rate is relatively high in the group results are more significant,the robustness test was further made by using median regression.Second,the attention of analysts can significantly improve the efficiency of price discovery.When the asset bias is low,the market liquidity is high,the growth of the enterprise is high and the property right is state-owned,the attention of the analyst and the research dissertation has a more significant effect on the price discovery efficiency.Third,the greater the error of performance forecast,the lower the efficiency of price discovery.The mechanism analysis shows that the performance forecast can reduce the price discovery efficiency by increasing the degree of asset mispricing.After solving the endogeneity problem,we replace the explanatory variables to carry out the robustness test,and the results are unchanged.Based on the above research,the main policy suggestions given in this dissertation are as follows: dissertation the first is to clarify the role of intermediaries,to urge issuers and intermediaries to return to their duties,and to continuously enhance the understanding and attention of issuers and intermediaries to the concept of the registration system reform,while improving the implementation;Second,we should pay attention to analysts’ attention and research dissertation’s attention,which is an important mechanism to promote price discovery efficiency;Third,when the enterprise releases the performance forecast,it should make a reasonable forecast of the performance forecast.If there are significant differences in the performance forecast,it should timely issue a correction announcement.In addition,the listed companies also have the motivation to falsify financial statements,the regulatory authorities should take preventive measures in advance.The main innovations of this dissertation are as follows:(1)It explains the connotation of price discovery efficiency in capital market.Existing literature on the study of price discovery efficiency mostly focuses on a certain dimension,and often neglect the stage and integrity of the price discovery efficiency in the capital market,however,the establishment of the science and technology board provides a natural environment for an all-round study of price discovery efficiency.This dissertation conducts a multi-dimensional study on the science and technology innovation board enterprises from IPO review to listing,so as to investigate the price discovery efficiency in a more comprehensive way.dissertation(2)Expanding the research scope of corporate information transparency.Based on the theories of market microstructure,efficient market and information asymmetry,and the logic of the impact of corporate information on price discovery efficiency in capital markets,an economic model of corporate information transparency and price discovery efficiency is constructed,this dissertation describes the internal mechanism of the impact of corporate information transparency on price discovery efficiency from a micro-perspective.At the same time,using the principle of information theory for reference,according to the time sequence of information sources,and from the perspective of listed company information,the company information transparency is divided into prospectus information transparency,performance forecast information transparency and financial report transparency,which are respectively used as the proxy variables of leading information,immediate information and lagging information.The effect of information transparency on price discovery efficiency at different time points is investigated.(3)It reveals the mechanism of the impact of corporate information transparency on price discovery efficiency under the background of registration-based system.At present,the research on the background of registration reform in China is based on the performance of new stock market and institutional comparison,however,based on the sample data of the listed companies,the research on the relationship between information transparency and price discovery efficiency under the registration-based system is few.This dissertation reveals the mechanism of the impact of corporate information transparency on price discovery efficiency in the context of the registration-based system,and confirms that with the promotion of registration-based system reform,the efficiency of information dissemination and the quality of information disclosure are further optimized,the efficiency of price discovery in the capital market is effectively improved,and the function of resource allocation can be fully played. |
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