The Impact Of Stock Issuing Registration System On Chinese Stock Market Efficency

The reform of stock issuance registration system is a major change in the development process of China's securities market,which will have a fundamental impact on the primary market and the secondary market ecology from the source of stock issuance and supply.Among academia,the media and ordinary investors are having more and more discussion on the influence of the registration system,although the voice of support are majority,there are also concern for the pressure of secondary market expansion and the immaturity of the supporting system and the legal environment.The issue of shares is an important channel for direct financing of the company,the allocation of social capital resources is the fundamental role of the stock market,improve the financing efficiency of the stock market is one of the starting point and goal of the reform of the registration system.The purpose of this study is to demonstrate whether the reform of the registration system can improve the overall efficiency of the stock market and promote the development of the economy.Focusing on the internal logic of the relationship between the system of registration and the efficiency of financing,this paper starts from the theoretical study,introduces the theory and classification of the stock issuance examination system.And in the comparing China stock market and the U.S.stock market as the representative,the approval system and the registration system,it's summed up the stock issuance registration system has the advantages of short issuing cycle,low listing cost,and points out that the number of delisting companies under the registration system is far greater than the approval system.The faultless delisting system and the stock issuance registration system are complementary to each other and reciprocal causation.Then the paper discusses the changes of the stock issuing system in China,after the examination and approval system,the approval system,the degree of economic development has been prepared for the reform of the registration system.DEA model is a method to analyze the output efficiency under the condition of no factor weight.It has been widely used in the analysis of financing efficiency in recent years.The number of quantitative indicators this paper selects the number of IPO companies and delisting companies as reaction of issuance system,plus GDP,the stock market turnover rate as four indicators to be input variables,while the net raising fund from stock market and ROE of listed companies as a measure of the efficiency of the stock market,builds the DEA model to verify the efficiency between the Chinese stock market and the US stock market and efficiency changes before and after the Taiwan market registration system reform.The empirical results show that the registration system improves the efficiency of the stock market in two aspects: technical efficiency and scale efficiency.Finally,according to the results of the empirical model,combined with theoretical analysis,the paper puts forward the corresponding policy recommendations and suggestions for the stock market investors in China.