证券市场导报Issue(5)：3-13,36,12.
股票发行制度改革与会计稳健性
林志伟 1肖逸灵2
作者信息
- 1. 深圳大学经济学院,广东深圳 518055
- 2. 毕马威华振会计师事务所,广东深圳 518063
- 折叠
摘要
Abstract
This paper uses the pilot registration-based IPO system initiated in 2019 as a research context to empirically test whether and how the reform enhances the conservatism of IPO companies and examines whether such influence has the spillover effects.The paper finds that,compared to IPO firms under the approval-based IPO system,IPO firms under the registration-based IPO system exhibit higher accounting conservatism in the three years prior to listing.One of the mechanisms by which the registration-based IPO system reform enhances accounting conservatism is to firm up the accountability of intermediaries.The spillover effect analysis shows that the relatively high accounting conservatism of IPO firms under the registration-based IPO system presents not only in the three years prior to listing but also in the year of listing and in subsequent years,revealing that the impact of the registration-based IPO reform has a certain degree of continuity.The presence of companies listed under the registration-based IPO system increases the accounting conservatism of their industry peers listed under the approval-based IPO system,suggesting that the registration-based IPO reform has a certain degree of positive externality.This study provides new evidence for the economic consequences and its operating mechanisms of the registration-based IPO system reform and enriches the research on the spillover effects of the reform.关键词
股票发行制度改革/注册制/IPO/会计稳健性/溢出效应Key words
reform of stock issuance system/registration-based IPO system/IPO/accounting conservatism/spillover effects分类
管理科学引用本文复制引用
林志伟,肖逸灵..股票发行制度改革与会计稳健性[J].证券市场导报,2024,(5):3-13,36,12.
