The registration-based IPO system reform is a crucial step toward the overall reform of the capital market reform and improving the quality of listed firms.This paper explores the economic consequence of the reform from the perspective of changes in the structure and quality of listed firms.We find that the registration-based IPO system reform provides more listing opportunities for small-scale firms and start-ups,strengthens the service function of the capital market to the real economy and scientific and technological innovation,and aids in directing the flow of social capital to real and high-tech firms.The empirical results indicate that the reform helps to promote firm growth and innovation,although it is accompanied by a reduction in the firm's investment efficiency.The heterogeneity analysis based on firm industry,size,and information quality shows that the reform has a greater quality-enhancing effect on firms with high information quality.The reform promotes the improvement of firm quality mainly through the alleviation of financing constraints,whereas its negative impact on investment efficiency is primarily driven by the aggravation of firms'over-investment behavior.Furthermore,adopting the registration-based IPO system helps to improve firms'stock liquidity and reduce stock price synchronization but exacerbates stock price volatility.This paper verifies the positive role played by the registration-based IPO system reform in improving the structure and quality of listed firms,which has reference and enlightenment significance for improving the supporting policies of the registration-based IPO system,enhancing the capital market operation efficiency,and promoting the improvement of firm quality and efficiency.
initial public offeringregistration-based IPO system reformhigh-quality developmentstructure of listed firm
万方数据
维普
