Around The Share-trading Reform, Chinese Listed Companies IPO Underpricing Of Empirical Research

IPO underpricing is a widespread phenomenon of global IPO market, and atpresent it is also one of the most intriguing thorny issues of the internationalfinancial circles. IPO underpricing in China is serious, as China's enterpriserestructuring work and the in-depth development of the securities market hasmatured, issue stock become more and more important in corporate financechannels. High IPO underpricing makes financing for enterprises greatly reduce,and damage the interests of enterprises, also makes the stock market allocation ofresources and financing functions greatly decreased. Therefore, the research ofChinese IPO underpricing phenomenon, identify affect our IPO underpricing of theimportant factors and corresponding countermeasures, with a strong theoretical andpractical significance. From the 1970s, Western scholars explore this phenomenonfrom different theoretical and empirical perspective, and advance a series oftheoretical hypothesis: asymmetric information theory hypothesis, signalinghypothesis speculative-bubble theory hypothesis and the market atmospherehypothesis, and so on. These studies are based on a more mature capital market,and like our country the development time is shorter, not very maturemarket-oriented research is not many. There is a strong need to resolve the issue ishow to integrate the Chinese IPO market realities and use IPO from abroad forreference to perfect the theory of China's new stock market-oriented reform toadapt to the world market competition.In this paper, firstly it makes a more detailed review and comment of the studyof foreign IPO underpricing's theoretical model and the research literature ofChinese stock market IPO underpricing, and laid the theoretical foundation on theresearch of reasons of China's IPO underpricing; Then it takes equity divisionreform as limit, using SPSS and Excel applications, making the description ofstatistical analysis and multiple linear regression analysis on the selection of 141 atthe IPO underpricing and the factors affecting. Finally, it makes a testing of the results.The results showed: around the share-trading reform, the IPO underpricingstandards is high, and volatility is greater; Before share-trading reform, the mainfactors of affecting the underpricing are the first day of stock exchange rate andearnings per share; After share-trading reform, the issue price, the issue success rate,the issue before the net assets per share, listing the first day of stock exchange rateand the balance at the rate of IPO underpricing level are the more significantcorrelations. We should continue to promote the issuance of securities reform of thesystem, optimize institutional investors, improve disclosure of information, andtake efforts to make China's IPO underpricing close to the level of developedcountries depressed price level.