Abstract:
As a crucial measure to reinforce the "gatekeeper" responsibilities of sponsor institutions, the effectiveness of the IPO on-site supervision system warrants systematic evaluation. Using sponsor institutions in Shanghai and Shenzhen A-share markets as samples, this study manually collects and organizes publicly available documents including prospectus drafts, inquiry letters, legal opinions, and regulatory letters, employing a multi-period difference-in-differences model to examine the impact of the IPO on-site supervision on the professional quality of sponsor institutions. The findings reveal that the IPO on-site supervision significantly enhances the professional quality of sponsor institutions, as manifested in the increased numbers and approval rates of IPO projects, better performance in compliance aspects including auditing, legal affairs, and internal control, and improved information disclosure quality of sponsored enterprises both pre- and post-listing. The mechanisms operate through: (1) The on-site supervision implements penetrative supervision by examining working papers and interviewing personnel, while adopting problem-oriented and random sampling approaches to determine supervision targets, prompting sponsor institutions to enhance professional capabilities in project screening and due diligence; (2) On-site supervision results serve as references for subsequent reviews and professional evaluations, incentivizing sponsor institutions to prioritize internal control and procedural compliance to mitigate future regulatory risks, thereby transforming compliant behavior from external requirements to organizational routines; (3) Supervision information is disseminated through inquiry feedback and regulatory announcements, reinforcing market expectations regarding the linkage between "quality intermediaries" and "quality projects", motivating sponsor institutions to emphasize completeness and transparency in information disclosure. Further analysis indicates that compared to non-state-owned institutions, the IPO on-site supervision exerts a more significant overall impact on the professional quality of state-owned sponsor institutions; for low-reputation institutions, the impact manifests primarily through enhanced professional capabilities and compliance performance, whereas for high-reputation institutions, it predominantly reflects improved information disclosure quality. This study reveals the mechanisms through which the IPO on-sitesupervision reshapes intermediary behavior and provides references for deepening the registration-based IPO system reform and promoting the high-quality development of the capital market.
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