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论文编号：	10062
作者编号：	2120162688
上传时间：	2018/6/7 18:01:31
中文题目：	企业信息及早披露与披露后果
英文题目：	Early Disclosure of Corporate Information and the Consequences
指导老师：	姚颐
中文关键字：	预披露制度；IPO抑价率；投资者关注；债务融资约束
英文关键字：	Pre-disclosure system; IPO Underpricing; Investor Concerns; Debt Financing Constraints
中文摘要：	相比国外成熟的资本市场，目前我国的证券市场仍存在许多问题，尤其是新股发行市场的高抑价问题一直是监管层、媒体、学术界等社会各方关注的重点。为改善新股发行市场环境，我国新股发行体制不断向注册制推进，信息披露也逐渐成为改革的重点。 2005年修订的《证券法》首次将新股发行预披露制度引入我国证券市场，要求拟上市公司在获得上市资格前就将招股说明书公布在公众面前，给投资者以更多的时间对信息有充分的研读、判断和分析，加之诸如媒体、拟上市公司竞争对手、关联方等社会各界的关注和举报，暴露在市场上的信息愈加丰富，信息不对称程度也随之降低。近年来，随着IPO预披露制度不断变迁，预披露期由制度之初短短5天时间到今天的“受理即披露”制度，预披露期不再是固定的时间，最长的甚至可达1000余天，较之前有非常明显的改变。因此，本文以IPO预披露制度改革为切入点，分别从监管层、投资者以及企业自身等角度出发，选取IPO抑价率、投资者关注以及企业债务融资约束为被解释变量，探讨预披露制度改革的实施效果以及企业预披露行为带来的市场影响。研究发现，IPO抑价率与预披露制度变迁呈显著的负相关关系，预披露时点越提前，IPO抑价率越低；其次，预披露期越长，投资者在上会之前及上会日对其的关注越多，过会之后以及上市首日对其的关注反而下降；最后，预披露期越长，企业预披露当年以及第二年的长期借款占银行借款总额的比例越高，即预披露影响企业上市之前的债务期限结构。
英文摘要：	The issue of high depreciation in the new stock issuance market has always been the focus of attention of various parties in the supervision, media, and academia. In order to improve the market environment for the issuance of new shares, China's new share issuance system is continually advancing to the registration system, and information disclosure has gradually become the focus of reforms. The Securities Law, revised in 2005, introduced the pre-disclosure of new shares for the first time into China's securities market, requiring listed companies to publish their prospectuses before the public is qualified for listing, giving investors more time to study, judge and analyze the information, coupled with the concerns and reports of various sectors of the society such as the media, listed companies' competitors, and related parties, have exposed more information on the market and the level of information asymmetry has decreased. In recent years, with the continually changes in the IPO pre-disclosure system, and at the beginning of the system the pre-disclosure period from a short period of 5 days to today's acceptance and disclosure, the pre-discovery period is no longer a fixed time, and the longest one is even more than 1,000 days, even has a very obvious changes than before. Therefore, this paper, taking the reform of IPO pre disclosure system as a breakthrough point, selects the IPO underpricing rate, investor concern and debt financing constraints as explanatory variables from the perspective of regulatory, investor and market, and discusses the effect of the reform of pre disclosure system and the market impact of pre disclosure behavior. The study found that the rate of IPO underpricing has a significant negative correlation with the change of pre disclosure system, the more advance the pre disclosure time, the lower the rate of IPO underpricing; secondly, the longer the disclosure period is, the more investors pay more attention to it, after the meeting and the first day on the first day of the market. The longer the period of exposure, the higher the proportion of the company's pre disclosure and second years of long-term borrowing, the higher the proportion of the total bank loans, that is, pre disclosure affects the debt maturity structure before the enterprise is listed.
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