【摘要】 注册制改革是我国资本市场的重大制度创新，其核心在于强化信息披露，以提升资本市场的透明度和定价效率。以2017年1月至2023年4月我国A股上市公司为研究样本，实证检验注册制改革对创业板上市公司信息披露质量的影响效应。研究发现：注册制改革显著提升了创业板上市公司的信息披露质量，且该作用主要通过强化“市场化约束”实现，具体表现为深化监管问询、优化信息环境及强化中介机构责任。异质性分析表明，注册制改革的治理效应在非国有企业和大型企业中更为显著。伴随信息披露质量的提升，企业短期财务绩效和市场估值出现“理性回调”，费用结构也呈现出战略性优化趋势。研究为评估注册制改革的政策效果提供了经验证据，也为深化资本市场制度建设、推动高质量信息披露提供了政策启示。更多还原

【Abstract】 The registration-based IPO reform represents a critical institutional innovation in China’s capital market,centering on disclosure reinforcement to enhance transparency and efficiency. Using a sample of A-share companies listed on the Main Board and ChiNext Board between January 2017 and April 2023,this study finds that the reform has significantly improved information disclosure quality for ChiNext-listed firms. Mechanism analysis indicates this improvement is driven by reinforced "market-based constraints" specifically through deepened regulatory inquiries,an optimized information environment,and intensified intermediary responsibilities and that the reform’s positive effects are more pronounced in non-state-owned and larger enterprises. Accompanying improved disclosure quality,firms exhibited a "rational correction" in short-term financial performance and valuation,alongside a strategic optimization of expense structures. These findings provide empirical evidence for evaluating the reform’s effectiveness and offer policy implications for deepening institutional construction and promoting high-quality disclosure in capital markets.更多还原