| IPO is Initial Public Offering, means the enterprise completes relevant preparations and with certain conditions, through the stock exchange to offer stocks in the primary market for the first time. Enterprise IPO is an important step for a share-holding company changed from minority shareholders to a public shareholding pattern, is also the main way to raise funds for the listing Corporation. IPO pricing issue has always been an important question that scholars both at home and abroad have paid close attention to very much all the time, whether the pricing is reasonable or not determines the success or failure of the new shares issued, not only related to the vital interests of stock issuers, investors and underwriters, but also directly affect the efficiency of resource allocation in the stock market. But from the reality view of financial market data, the first day’s trading price always beyond the IPO price after enterprise IPO, the rate of return on the first day is too high, the efficiency of IPO pricing is too low.Although the operation of the stock market is becoming more and more mature, at the same time the market management system has improved steadily day by day, there is still a certain gap between China’s securities market and the developed countries’ mature market in Europe and America, there are still many problems to be solved in our country’s securities market. According to the reality research data, the market of our country’s A Stock IPO initial return rate is far higher than the world average level, the high IPO under pricing phenomenon affects the capital quality and the efficiency of resource allocation of our China’s securities market. Aiming at the problems of initial issues market, China Securities Regulatory Commission conducted 4 times IPO system reform successively from 2009 to 2014. The average interruption time of the four times reforms less than two years, shows that our government has realized these problems, and the IPO pricing unreasonable phenomenon does have an impact on China’s overalleconomic environment. This effect does not only in the stock market, it also has a greater impact on the corporate entity. Therefore, our government has made positive reform after realizing these problems. It is gratifying to see after the new round of the reform, our securities market distribution system has been greatly improved, our country’s IPO initial return rate has descend obviously.This paper focuses on the four round of the IPO system reform, to inquiry and analysis our country’s IPO under pricing phenomenon in A stock market. Objective to find the factors that affecting underpricing phenomenon, and help regulators build specific policies to regulate the stock market operation, through the study of these factors. This paper mainly adopts the methods of normative analysis and empirical analysis to study IPO initial return rate.Firstly, using descriptive statistical analysis method to summary the effects of IPO initial return rate in different stages, the changes of IPO initial return rate that before and after the reform of the IPO system were compared and analyzed. This study found that the IPO reform policies and measures on the inhibitory effect of the high IPO initial return rate had a positive effect. Secondly, to make an empirical analysis of factors that affecting IPO initial return rate by multiple linear regression analysis method, the study found that there is a significant correlation between offering price, issuing size, P/E ratio on the first day,turnover rate on the first day, lottery rate and the IPO initial return rate. Finally, according to the results of empirical research to discuss the remarkable results that has achieved after several rounds reform of the IPO system reform and the problems that still remain, at the same time put forward the corresponding suggestions according to the actual situation of China’s stock market. |
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