近日，公司助理教授魏璐、2019级大数据管理与应用专业本科生韩晨、吴澄亮合作的学术论文“The impact of the disclosure characteristics of the application material on the successful listing of companies on China’s Science and Technology Innovation Board”在金融领域知名期刊Journal of Behavioral and Experimental Finance (影响因子8.222, SSCI, JCR一区)发表。（论文在线链接：https://doi.org/10.1016/j.jbef.2022.100733）
论文利用文本挖掘技术，构建了文章长度、样板性、冗余性、特异性、阅读难度和价值数字六个文本披露指标，刻画我国科创板上市企业申报材料的文本特征，研究申报稿、询问函和回复函三类文件对IPO成功率的影响，研究结果对指导科创板企业申报材料的撰写具有一定实践意义。
近年来，管理科学系教师重视科研育人工作，组建了本科生导师组，培养大数据管理与应用专业员工的科研素养。通过定期开展讨论班研讨活动、组织高水平学术讲座、参加国内外学术会议等，多位大数据管理与应用专业的本科生与导师合作发表了一系列优秀研究成果，利用大数据技术创新性的解决经济管理领域的实践问题。学院将继续支持员工开展学术研究，创建学术训练平台，全面落实立德树人、科教育人的根本任务，不断提高人才培养质量，培养一流人才方阵。
论文摘要：
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.
申报稿、询问函和回复函是在希望在科创板上市的企业需要向证监会和上交所提交的主要申请材料。本文首次通过刻画六种文本披露特征，包括文章长度、样板性、冗余性、特异性、阅读难度和价值数字，来研究这三类申请材料对企业在中国科创板上市成功与否的影响。在实证分析中，我们收集了2019年6月13日至2021年1月31日期间220家上市成功企业和64家上市失败企业的申报稿和问询回复函进行分析。研究结果表明，对于企业申报稿，较高的文本长度和样板性能够提高上市成功率，但较高的冗余性将更可能导致上市失败；对于问询回复函，监管机构给出的问询函中只有问题数量与IPO成功率呈显著负相关，而企业回复函的文本披露特征则与IPO成功率无明显联系。
撰稿：韩晨
审核：刘志东
