Research On The IPO Reform Impact On The Efficiency Of China’s Stocks Market

Results change， shares break， high earnings， shares on the first day was stirred andso on， exposing the drawbacks IPO chain， is paid attention to and discussed about China’sstocks market. This article is that review and summarize reform of the distribution system ofnew shares about previous reforms and reforms during twenty years, analyze previous IPOreform of China’s securities market how to impact operating efficiency.Through the analysis of this article， we found that our twenty years of the reformprocess is on the road to the administration continue to move forward. the reforms expandedthe scope of the inquiry objects to improve the drawback mechanism and suspend theissuance mechanism, hoping to enhance the transparency of the pricing information. Forthese several reforms, we apply Roll volatility measure asynchronous model yields the firstday of the IPO empirical test and find that the expectations of the first phase of the IPOsystem reform is dull, and don not enhance the information content of the stock, the paperthat in the course of the executive-led IPO, the market basically lost the function ofinformation mining and reflect, in the case of system supply serious enough, the market hasbecome the leading market speculators, noise trading seriously interfere with the prices reflectinformation Furthermore asynchrony heterogeneous information reflects more volatility,rather than the nature of the information the company level. Then three information contentseen a sharp rise, which is due to three new shares reform granted the underwriters a certainamount of decentralization, allowing part of its inquiry objects and independentrecommendations in the small board and GEM-listed shares, no longer bookbuilding Inquiryreinforced the inquiry process constraints, prompting inquiry object real quote, which formsthe object of the inquiry mining information intrinsic motivation, thereby enhancing theefficiency of the securities market.