股票发行注册制改革与财务报告质量——基于盈余管理和会计稳健性的视角

Reform on the Stock-issue Registration System and Financial Statements Quality:from the Perspectives of Earnings Management and Accounting Conservatism

中文关键词:  股票发行注册制  股票发行核准制  财务报告质量  盈余管理  会计稳健性

英文关键词:stock-issue registration system  stock-issue authorization system  financial statements quality  earnings management  accounting conservatism

中文摘要:

      证券发行制度改革是金融领域深化改革的重要举措之一,为市场在资源配置中发挥决定性作用提供了必要的制度保障。基于2009—2020年科创板和创业板上市公司数据,实证检验了股票发行注册制改革对上市公司发行期间财务报告质量的影响。研究发现,与通过核准制上市的公司相比,通过注册制上市的公司在发行期间的盈余管理程度更低,会计稳健性更高。进一步研究发现,公司所在地区的法治化水平越高,注册制改革对盈余管理和会计稳健性的影响越小；在集中程度较高的行业和高管持股比例较高的公司中,注册制改革发挥的作用更显著。因此,政府应进一步推动发行制度的市场化、法治化,以提升资本市场的有效性；企业应充分重视信息披露的重要性,更好地匹配法治环境,以吸引更多的价值投资者。

英文摘要:

      As an important measure for deepening the financial system reform, the reform on the stock-issue registration system provides an institutional guarantee for market to play the dominant role in resource allocation. Based on the data of listed firms on the STAR market and the ChiNext stock market during the 2009-2020 period, this paper empirically examines the influence of reform on the stock-issue registration system on the financial statements quality of listed firms during the issuance period. According to our study, firms listed through the registration system, compared to those through the authorization system, are characterized by low-level earnings management and high accounting conservatism. Moreover, along with the improvement of law enforcement in the area where a firm locates, reform on the stock-issue registration system tends to have less effects on both earnings management and accounting conservatism. What is more, such reform tends to play a more significant role in highly concentrated industries and firms with a higher proportion of executives shareholding. Therefore, the government needs to advance the market-orientation and rule of law in the issuance system, and thus the capital market can be more effective. In addition, firms should attach more importance to information disclosure and conform to the rule of law so as to magnetize more value investors. 