Abstract:
This study takes the A-share listed companies on the Shanghai and Shenzhen Stock Exchanges as the research object to empirically test the impact of the registration-based IPO system reform on the behavior of two market information intermediaries, namely, analysts and auditors. The paper finds that analysts exhibit greater attention, higher prediction accuracy, and a lower degree of forecast divergence for registration-based IPO companies compared to non-registration-based IPO companies. Registration-based IPO companies have lower audit fees and a higher likelihood of receiving standard audit opinions. Further research finds that the registration-based IPO system reform positively affects the behavior of analysts and auditors by improving corporate information disclosure quality. This effect is more pronounced for companies with higher levels of industry competition. In addition, in regions with a better legal environment, the registration-based IPO system reform enforces stronger accountability on intermediaries, which enhances analysts' forecast accuracy and reduces analysts' forecast divergence. The results confirm the positive effects of the registration-based IPO system reform on information intermediaries and broaden the research boundary on the economic consequences of the registration-based IPO system reform.
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