近日，我院助理教授魏璐、2019級大數(shù)據(jù)管理與應(yīng)用專業(yè)本科生韓晨、吳澄亮合作的學(xué)術(shù)論文“The impact of the disclosure characteristics of the application material on the successful listing of companies on China’s Science and Technology Innovation Board”在金融領(lǐng)域知名期刊Journal of Behavioral and Experimental Finance (影響因子8.222, SSCI, JCR一區(qū))發(fā)表。（論文在線鏈接：https://doi.org/10.1016/j.jbef.2022.100733）
論文利用文本挖掘技術(shù)，構(gòu)建了文章長度、樣板性、冗余性、特異性、閱讀難度和價值數(shù)字六個文本披露指標(biāo)，刻畫我國科創(chuàng)板上市企業(yè)申報材料的文本特征，研究申報稿、詢問函和回復(fù)函三類文件對IPO成功率的影響，研究結(jié)果對指導(dǎo)科創(chuàng)板企業(yè)申報材料的撰寫具有一定實踐意義。
近年來，管理科學(xué)系教師重視科研育人工作，組建了本科生導(dǎo)師組，培養(yǎng)大數(shù)據(jù)管理與應(yīng)用專業(yè)學(xué)生的科研素養(yǎng)。通過定期開展討論班研討活動、組織高水平學(xué)術(shù)講座、參加國內(nèi)外學(xué)術(shù)會議等，多位大數(shù)據(jù)管理與應(yīng)用專業(yè)的本科生與導(dǎo)師合作發(fā)表了一系列優(yōu)秀研究成果，利用大數(shù)據(jù)技術(shù)創(chuàng)新性的解決經(jīng)濟(jì)管理領(lǐng)域的實踐問題。學(xué)院將繼續(xù)支持學(xué)生開展學(xué)術(shù)研究，創(chuàng)建學(xué)術(shù)訓(xùn)練平臺，全面落實立德樹人、科教育人的根本任務(wù)，不斷提高人才培養(yǎng)質(zhì)量，培養(yǎng)一流人才方陣。
論文摘要：
The registration statement, the inquiry letter, and the reply letter are the main application materials for companies wanting to list on the Science and Technology Innovation Board (STAR) need to submit to regulatory agencies In this paper, we aim to study the impact of these three kinds of application materials on the successful listing of companies on STAR market in China through six text characteristics, including Words, Boilerplate, Fog Index, HardInfoMix, Redundancy, and Specificity for the first time. In the empirical analysis, we collect the registration statements and the inquiry-reply letters of 220 listed companies and 64 unlisted companies from June 13, 2019 to January 31, 2021 to perform the regression analysis. The empirical results show that, for registration statements, higher Words and Boilerplate will improve the success rate for listing, but higher Redundancy will lead to the failed listing. For the inquiry-reply letter, only the number of questions contained in the inquiry letter is negatively significantly associated with the initial public offering (IPO) success rate, while the text characteristics of the reply letter have little to do with the IPO success rate.
申報稿、詢問函和回復(fù)函是在希望在科創(chuàng)板上市的企業(yè)需要向證監(jiān)會和上交所提交的主要申請材料。本文首次通過刻畫六種文本披露特征，包括文章長度、樣板性、冗余性、特異性、閱讀難度和價值數(shù)字，來研究這三類申請材料對企業(yè)在中國科創(chuàng)板上市成功與否的影響。在實證分析中，我們收集了2019年6月13日至2021年1月31日期間220家上市成功企業(yè)和64家上市失敗企業(yè)的申報稿和問詢回復(fù)函進(jìn)行分析。研究結(jié)果表明，對于企業(yè)申報稿，較高的文本長度和樣板性能夠提高上市成功率，但較高的冗余性將更可能導(dǎo)致上市失敗；對于問詢回復(fù)函，監(jiān)管機(jī)構(gòu)給出的問詢函中只有問題數(shù)量與IPO成功率呈顯著負(fù)相關(guān)，而企業(yè)回復(fù)函的文本披露特征則與IPO成功率無明顯聯(lián)系。
撰稿：韓晨
審核：劉志東
