| Since 1992,China's stock market has undergone enormous changes in the global securities market occupies a pivotal position.The rapid development of China's stock market and comply with the pace of reform and opening up,the state effectively regulate the market asymmetry between demand and supply of funds to optimize the allocation of resources on the level of the market.However,China's stock market in the process of rapid development,has exposed a series of significant problems and deficiencies,IPO underpricing high levels is one of them.November 2013,China Securities Regulatory Commission first proposed registration reform,the introduction of this policy will inevitably have a greater impact on the stock market,therefore,research registration system reform to affect the stock market IPO underpricing rate has important theoretical and practical significance.In this paper,the first step in the use of literature analysis,reviews the entry point on the stock market IPO underpricing problem studies have established the thesis.The second step in the analysis of the development of China's stock market IPO audit system,based on the evolution of the use case analysis to Hail Health Branch of financial fraud case,for example,pointed out that the development of the situation and the development process in the current IPO audit system It exposed many problems.The third step,the paper using statistical analysis,by the whole of the current development situation of China's securities market statistical description,pointed out the necessity of registration system reform,while the theoretical analysis of the problem and the reasons for the registration system reform process has been carried out and appear expound,explain why the IPO underpricing registration system under the background rate issues,empirical analysis ready for the next part.The fourth step is to analyze the impact of different stages of the registration system reform on IPO underpricing rate,this paper underpricing of IPO approval system,approval system and registration system transition phase correlation analysis,exclusive analysis of variance and multiple linear regression analysis and the results were compared.Specifically,this paper will change according to IPO underpricing IPO system,divided into the approval system,approval system,registration system in three different stages,and in-house subdivision in three stages again;secondly,separately for each IPO underpricing stage of comparative analysis,results of IPO underpricing development stage characteristics,when the empirical analysis of this article is to lay the foundation;Finally,based on the above analysis,the effect of selected IPO underpricing level of 7 The mainfactors of factors,such as the issue price,price-earnings ratio on the first day listed on the first day turnover,and establishing multiple regression model empirical analysis to study factors affecting seven IPO underpricing rate for different periods on IPO underpricing rate comparative analysis.In the model building process to IPO underpricing rate(AIR)is interpreted as a variable to be interpreted variable AIR of seven factors that may affect as explanatory variables,respectively approval system,approval system and registration system in three different transition phase correlation analysis,exclusive analysis of variance and multiple linear regression analysis.This paper analyzes showed that: first,in general,a higher rate of IPO underpricing by the immaturity of China's stock market,stock issuance related system is flawed and irrational reasons investors together caused this registration system reform The introduction of this policy will help reverse the long-term presence of high IPO underpricing the stock market this phenomenon.Second,no matter at which stage,listed on the first day of opening and underpricing rate showed a positive correlation of the situation,and after registration reform,listed on the first day of opening for underpricing rate impact significantly enhanced.At the same time,listed on the first day turnover,online application success rate has a significant impact on the IPO underpricing rate,the impact of reform in the transitional period the registration system performance becomes more apparent.The impact of issuance costs of IPO underpricing rate share in model IV has decreased,indicating that the registration system reform will help reduce the cost of the IPO.Third,the multiple linear regression equation coefficients generally small study variables in the model and the assumptions exclude the possibility of errors after,this may reflect the current reform of IPO audit system there are still some deficiencies need to be to continue to improve,registration system reform is conducive to the healthy development of the stock market. |
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