西安交通大学学报（社会科学版）2025，Vol.45Issue(5)：63-75,13.DOI:10.15896/j.xjtuskxb.202505006
科创板改革的溢出效应
The Spillover Effects of the STAR Market Reform:An Analysis Based on the Value Signaling Role of Corporate Innovation Information
摘要
Abstract
Under the background of comprehensively deepening the financial supply-side structural reform and promoting high-quality economic development in the new era,how to resolve the structural contradiction of capital-innovation mismatch and enhance the efficiency of financial capital markets in serving real-economy innovation has become a critical issue.Traditional capital markets,with financial metrics as the core of their valuation systems,struggle to effectively identify the long-term value of innovation activities,leading to low pricing efficiency and undervaluation dilemmas for innovative enterprises.In 2018,President Xi Jinping announced the establishment of China's STAR Market and the pilot registration-based system.Through the creation of a new market segment and institutional innovations such as strengthened sci-tech attribute indicators,the STAR Market Reform leverages the signaling role of national macro-policies to transform corporate innovation information from"tacit knowledge"into"key signaling parameters,"thereby fostering an"innovation-friendly"capital market environment.However,existing studies lack sufficient theoretical frameworks and empirical evidence on whether the value discovery and realization efficiency of innovation information in capital markets has undergone systematic changes under the STAR Market Reform. From the perspective of the value signaling role of innovation information,this paper explores how the STAR Market Reform spills over to influence the efficiency of value discovery and realization of innovation information in peer enterprises listed on other market segments(e.g.,Shanghai and Shenzhen Main Boards)through capital market and corporate operational channels.Using IPO samples of peer enterprises from 2016 to 2022 and employing grouped regression methods,the empirical results show that:In the capital market channel,the STAR Market Reform generates spillover effects on the value discovery efficiency of innovation information(measured by IPO under-pricing rates)for peer enterprises,thereby improving their short-and medium-to-long term market returns(cumulative abnormal returns).In the corporate operational channel,the reform enhances the impact of innovation information on operational performance(proxied by Tobin's Q ratios)for peer enterprises.Additionally,the spillover effects are more significant in enterprises with broader industry-specific information dissemination and stronger innovation signal intensity,indicating that capital market information transmission efficiency and signal strength are key factors influencing policy outcomes. Compared to existing research,the marginal contributions of this study are reflected in three aspects.First,it breaks through the single-dimension analysis paradigm of institutional rules and proposes a"policy event-agent response-value dynamics"framework to systematically examine the effects of the STAR Market reform,providing a holistic analytical perspective for understanding the impacts of capital market institutional innovations.Second,by deconstructing the spillover effects of the reform through the pathways of value discovery and realization of innovation information,it extends the analytical scope of spillover effects,clarifies the differences in the signaling role of innovation information under varying institutional environments,and expands the exploration of signaling theory's application boundaries.Third,through heterogeneity analysis based on information dissemination scope and signal intensity,it deepens the understanding of the interplay between capital market information transmission efficiency and investor decision-making equilibrium. This research provides critical insights for comprehensively deepening the financial supply-side structural reform in the new era.The STAR Market reform effectively activates the systemic capacity of capital markets to serve technological innovation by reshaping the investment logic of innovation value.Enterprises should proactively leverage the policy"tailwind"to amplify their value signals and improve the efficiency of innovation value discovery and realization.Policymakers need to emphasize the systemic design of institutional innovations,optimize institutional mechanisms for innovation information transmission efficiency,guide investment consensus among market participants,further strengthen the systemic function of financial capital markets in supporting real-economy innovation,and comprehensively promote the virtuous cycle among technology,industry,and finance to drive the development of new quality productive forces.关键词
资本市场制度改革/科创板改革/溢出效应/创新信息/价值信号/价值发现效率/价值实现效率Key words
capital market institutional reform/STAR market reform/spillover effects/innovation information/value signaling role/value discovery efficiency/value realization efficiency分类
管理科学引用本文复制引用
高宇,孙雁南,王岩晖,赵晓洋..科创板改革的溢出效应[J].西安交通大学学报（社会科学版）,2025,45(5):63-75,13.基金项目
国家自然科学基金项目(71972151,72272119). （71972151,72272119）
