制造业招股说明书可读性与股票破发研究

A Study on the Readability of Prospectuses in the Manufacturing Industry and IPO Break

摘要: 通过文本分析的方法，将上交所网站爬取的上市时间在2014~2024年上交所A股制造业上市公司的招股说明书作为分析对象，以指标法构建可读性的衡量指标，考察中文文本可读性与股票首日破发之间的关系。研究发现，在控制了行业和时间的固定效应后，制造业上市公司招股说明书的可读性与IPO破发发生率之间存在负相关关系，这种关系通过承销商行为传导。经过一系列稳健性检验后，上述结论仍然成立。通过进一步研究发现，实施注册制前后和按照上市企业性质分类后，招股说明书可读性与破发之间的负相关关系程度不同。这一结论为IPO定价影响因素的研究提供了新的视角，有利于监管机构进一步规范上市企业招股说明书信息披露内容，建设具有中国特色的现代金融信息披露体系。

Abstract: Using text analysis methods, this study takes the prospectuses of A-share manufacturing companies listed on the Shanghai Stock Exchange (SSE) between 2014 and 2024, obtained through web scraping, as the objects of analysis. It constructs readability metrics through an indicator-based approach to examine the relationship between the readability of Chinese text and the occurrence of IPO breaks on the first trading day. The research finds that, after controlling for fixed effects related to industry and time, there is a negative correlation between the readability of manufacturing companies’ prospectuses and the incidence of IPO breaks. This relationship is mediated by underwriter behavior. After conducting a series of robustness checks, the aforementioned conclusion remains valid. Further research reveals that the degree of the negative correlation between readability and IPO breaks in manufacturing prospectuses differs before and after the implementation of the registration-based IPO system and when classified by the nature of listed enterprises. This conclusion provides a new perspective for studying the influencing factors of IPO pricing in manufacturing stocks, which is conducive to regulatory agencies further standardizing the information disclosure content of listed companies’ prospectuses and establishing a modern financial information disclosure system with Chinese characteristics.