【摘要】 自2015年初起，对大部分IPO过会公司，证监会在发审会结束当天公开披露其审核结果和所有聆询问题；而对约15%的IPO过会公司，除了前述披露，还会在发审会结束后再次披露需要发行人进一步披露和说明的部分聆询问题(即“剩余审核意见”)。一家企业通过了发审委审核投票，意味着得到了多数发审专家的总体认可，那么即使存在“剩余审核意见”,其投资价值可能和无“剩余审核意见”的过会公司不存在明显差异；但“剩余审核意见”也可能反映出部分发审专家对公司仍存在顾虑。本文发现：收到“剩余审核意见”的IPO过会公司在上市前和上市后表现方面均显著弱于未收到“剩余审核意见”的过会公司；尽管机构投资者在IPO日附近对收到“剩余审核意见”的IPO过会公司做出了更加负面的反应，但个人投资者并未对两类公司做出差异化的反应。以上结果表明，发审委对IPO过会公司出具的“剩余审核意见”具备估值含义，部分投资者感知到了“剩余审核意见”的估值信号。更多还原

【Abstract】 Since 2015,the China Securities Regulatory Commission(CSRC)has disclosed initial public offering(IPO)companies’ review outcomes and hearing questions.For 15% of the companies that pass the IPO screening process, the CSRC also discloses some of their hearing questions that require further disclosure and clarification after the IPO screening process(termed outstanding comments herein).A company passing the vote means that it has received general approval from the majority of review experts.However, outstanding comments also reflect that some review experts have remaining concerns about the IPO applicant.Results show that approved IPO companies with outstanding comments perform significantly worse than those without outstanding comments both before and after listing, suggesting that outstanding comments serve as a signal of a stock’s valuation.Moreover, investors(particularly institutional ones)appear to perceive the signal of outstanding comments, as they react more negatively around the listing date of such companies.更多还原