Study on the Impact of the Implementation
of the Registration System on the Efficiency of
China's Capital Markets
A Thesis Submitted to
Northwest Normal University
in partial fulfillment of the requirement
for the degree of
Master of Arts
in
Economics
by
Tong Guangyu
Supervisor :Professor Nie Zhengyan
May,2024
摘要全面推行注册制改革是十四五规划关于深化资本市场改革的重要举措，是完
善社会主义市场经济体制的有效途径，有助于我国打造规范、透明、开放、有活
力、有韧性的资本市场。健康有效的资本市场是实现高质量发展和践行中国式现
代化的必然要求，中国长期采用行政干预较强的核准制，以确保资本市场的稳定
发展，但随着中国功能互补的资本市场格局的基本形成，为增强资本市场对社会
主义市场经济发展的支持作用，2018年11月，中国宣布试点注册制。根据马克
思主义政治经济学对资本属性的分析，资本在社会主义市场经济中发挥二重作用，
如何构建健康有效的资本市场以引导资本行为趋利避害是一个重要的话题。因此，
本文研究注册制改革对资本市场效率的影响具有重要的理论价值和现实意义。
本文基于马克思主义政治经济学和社会主义市场经济相关理论分析了资本
市场制度改革提升市场效率的内在逻辑，阐述了从供应链维度进行分析的逻辑出
发点，并结合信息不对称理论、有效市场理论和信号传递理论分析了注册制改革
提升资本市场效率的具体效应，以问题为导向旨在为资本市场效率的提升以及供
给侧结构性改革提供有益借鉴，以促进社会主义市场经济高质量发展。以A 股
上市公司为研究对象，采用多时点DID 模型，基于股价同步性角度，从供应链
维度考察注册制对资本市场效率的影响及其溢出效应，并深入分析了上述影响效
应的传导路径，以及溢出效应的特征。最后通过一系列内生性问题处理和稳健性
检验，验证上述研究的可靠性。
本文实证结果表明：相较于核准制，注册制的推行显著降低了股价同步性，
促进资本市场效率的提升，同时，企业注册上市过程会给同供应链企业带来积极
的溢出效应，表现为股价同步性的降低。路径分析表明，注册上市企业股价同步
性降低的原因是信息中介关注度上升、年报文本信息语气积极度上升以及企业年
报前瞻性信息溢出。异质性分析发现，供应链下游企业受到的溢出效应略强于供
应链上游企业，此外，非知情交易者和知情交易者关于企业的信息不对称程度越
低，注册制的溢出效应越强。
基于上述结论，本文提出以下几点对策建议：（1）明确监管主体定位，建立
有限有效政府，让市场在资源配置中起决定性作用。（2）建立以专业机构投资者
为主的市场结构，增强对中小投资者的信息供给。（3）强化证监会职能，并设立
道德约束机制，从而优化资本市场信息环境，规范资本行为。
关键词：注册制；溢出效应；供应链；股价同步性；资本市场效率
I
Abstract
Abstract
The full implementation of the registration system reform is an important initiative
of the 14th Five-Year Plan on deepening capital market reform,an effective way to
improve the socialist market economic system,and will help China build a standardized,
transparent,open,dynamic and resilient capital market.A healthy and effective capital
market is an inevitable requirement for realizing high-quality development and
practicing Chinese-style modernization.China has long adopted an approval system
with strong administrative intervention to ensure the stable development of the capital
market.However,with the basic formation of China's functional and complementary
capital market pattern,and in order to enhance the supportive role of the capital market
for the development of the socialist market economy,in November 2018,China
announced a pilot registration system.According to the analysis of Marxist political
economy on the attributes of capital,capital plays a dual role in the socialist market
economy,and how to build a healthy and effective capital market to guide the behavior
of capital to avoid harm is an important topic.Therefore,this paper studies the impact
of registration system reform on the efficiency of capital market with important
theoretical value and practical significance.
This paper analyzes the internal logic of capital market system reform to enhance
market efficiency based on the relevant theories of Marxist political economy and
socialist market economy,describes the logical starting point of the analysis from the
supply chain dimension,and analyzes the specific effect of the registration system
reform to enhance the efficiency of the capital market by combining the theory of
information asymmetry,the theory of efficient market,and the theory of signaling,with
the purpose of the problem oriented for the improvement of the efficiency of capital
markets as well as the improvement of supply-side structural structure.It also analyzes
the specific effects of the registration system reform to improve the efficiency of the
capital market with the information symmetry theory and the effective market theory
and the signaling theory,which is a problem-oriented approach aiming to provide useful
reference for the improvement of the efficiency of the capital market as well as the
supply-side structural reform to promote the high quality development of the socialist
market economy.Taking A-share listed companies as the research object,adopting the
multi-temporal DID model,based on the perspective of stock price synchronization,
II
Abstract
examining the impact of the registration system on the efficiency of the capital market
and its spillover effect from the perspective of the supply chain,and analyzing in depth
the conduction paths of the above impact effect,as well as the characteristics of the
spillover effect.Finally,we verify the reliability of the above research through a series
of endogeneity problem treatment and robustness test.
The empirical results of this paper show that compared with the approval system,
the implementation of the registration system significantly reduces the stock price
synchronization and promotes the improvement of capital market efficiency,
meanwhile,the process of enterprise registration and listing will bring positive spillover
effects to the enterprises in the same supply chain,which is manifested in the reduction
of stock price synchronization.Path analysis shows that the decrease in stock price
synchronicity of registered-listed firms is due to the increase in the attention of
information intermediaries,the increase in the positive tone of information in the text
of the annual report,and the spillover of forward-looking information in the annual
report of the firms.Heterogeneity analysis finds that downstream supply chain firms
are subject to slightly stronger spillovers than upstream supply chain firms,in addition,
the lower the information asymmetry between non-informed and informed traders
about firms,the stronger the spillover effect of registration.
Based on the above conclusions,this paper puts forward the following
countermeasures:(1)Define the positioning of the regulatory body,establish a limited
and effective government,and let the market play a decisive role in resource allocation.
(2)Establish a market structure dominated by professional institutional investors and
enhance information supply to small and medium-sized investors.(3)Strengthen the
function of the Securities and Futures Commission (SFC)and set up a moral constraint
mechanism,so as to optimize the information environment of the capital market and
regulate capital behavior.
Keywords:Registration system;Spillover effects;Supply chain;Stock price
synchronization;Capital market efficiency
III