THE IMPACT OF INFORMATION DISCLOSURE ON IPO PERFORMANCE-BASED ON AN EMPIRICAL RESEARCH OF CHINESE GEM LISTED COMPANIES
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Abstract
This paper aims to improve the performance decline of the GEM after IPO, enhance the capital market system construction, promote the implementation of a registration system, create an internal control information disclosure index system under the big data environment, and boost the delisting system of the securities market. At the same time, this study provides a valuable practical basis for strengthening the securities supervision mechanism, upgrading the effectiveness of the capital market, and promoting the healthy development of the GEM and STAR Market. A regression model was constructed in order to study the correlation between information disclosure and the IPO performance gap and to explore solutions to reduce the IPO performance gap. For this paper, China’s GEM IPOv initial public companies from 2011 to 2015 were selected. The data collected were mainly obtained from the national database by manually sorting out a number of observation samples and annual reports of the listed companies on the Shenzhen Stock Exchange website. Based on the principal-agent theory, earnings management theory, information asymmetry theory, expectation theory and signal transmission theory, the paper provides innovations in research content and perspective, constructs a regression model to study the relationship between information disclosure and the IPO performance gap, and then tests the regulatory effect. The main conclusions are as follows: 1) There is a significant positive correlation between the quality of information disclosure and the differences of IPO performance, which shows that the more authentic and reliable the information disclosures of the listed companies are, the smaller the differences of IPO performance, 2) The reputation of intermediaries plays a positive moderating role in the relationship between information disclosure and the IPO performance gap, 3) The level of government supervision plays a positive moderating role in the relationship between the information disclosure level and the IPO performance gap, and 4) Optimizing IPO resources plays a positive moderating role in the relationship between information disclosure and the IPO performance gap.
Article Details
Chinese Journal of Social Science and Management Editorial Division
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