【摘要】 本文以A股2017～2022年上市公司定向增发事件为样本，研究创业板注册制改革对信息披露及经济效果的影响。结果显示，注册制实施后定向增发公告文本确定性和信息含量显著提升，市场信息不对称程度和公告效应明显下降，说明注册制实施改善了市场质量。异质性分析表明，注册制改革引发竞争机制，促使公司主动提升信息披露质量。这一效果在高融资约束和科技类公司中更显著，且会加大募集资金用于研发的比例，服务于实体经济。此外，在IPO市场，注册制提升信息披露质量的同时，因大量个人投资者交易，加大了市场信息不对称，且竞争压力使公司倾向于披露正面信息，导致股价未来出现反转。该现象在个人投资者参与度比较稳定的定向增发市场中并不显著。本文结论为深化注册制改革、完善资本市场资源配置功能提供参考，并建议考察制度实施效果需考虑投资者结构的影响。更多还原

【Abstract】 This paper examines the impact of the registration-based reform of the ChiNext Market on information disclosure and its economic effects,based on the private placements of listed companies in the A-share market from 2017 to 2022.The study finds that,following the implementation of the registration-based system,the textual certainty and information content of pre-private placements announcements have significantly improved,while the degree of information asymmetry in the market and the announcement effect have markedly decreased.This indicates that the registration-based reform improves market quality.Further heterogeneity analysis finds that the registration-based system induces the competition mechanism that encourages listed companies to actively improve the quality of information disclosure,and this effect is particularly pronounced among firms with high financing constraints and technology-based enterprises.Additionally,competition mechanisms lead technology firms to allocate a higher proportion of funds raised through targeted issuance to research and development,which helps serve the real economy.Finally,this study finds that while the registration-based system improves the quality of information disclosure in the IPO market,it also increases market information asymmetry,which is related to excessive trading by a large number of individual investors.Competition pressure also drives companies to prefer disclosing positive information under the registration-based system,which results in stock price reversals in the future.This phenomenon is notably absent in the private placement market,with retail investor participation staying comparatively stable.The study concludes that the impact of investor structure changes should be considered when evaluating the impact of the registration-based reform,providing reference for deepening the reform and improving the resource allocation function of the capital market in the next step.更多还原