| China’s securities market began in the 1990 s,which is relatively late compared to Western developed countries,and therefore,it is not mature enough in many aspects.As the entrance to the securities market,due to unpredictable conditions in the market,the authorities had to have suspended IPO occasionally and then restarted nine times in just not more than 30 years.After the latest IPO restart,relevant departments of China have introduced relevant reform measures,which has made China’s IPO efficiency significantly improved.At the same time,the factors affecting the IPO efficiency of China’s stock market will inevitably change.However,compared with the effective market,the IPO efficiency of China’s securities market still needs to be improved.The IPO is inefficient,and the real value of the issuing company cannot be fully reflected in the pricing of new shares.The price discovery and resource allocation functions of the primary issuance market are weakened.In addition,the first day trading price of the secondary market is significantly higher than the issue price,which makes a large amount of funds remain in the issuance market,which exacerbates the imbalance between supply and demand of funds in the two-tier market,which is not conducive to the healthy development of the securities market.In view of this,this paper selects more than 500 companies listed on the main board and small and medium-sized boards after the latest IPO restart as a sample,and studies the inherent operation logic of China’s new stock market by using the most widely used empirical analysis methods in practical social science problems.Get the factors that affect IPO efficiency at this stage.Firstly,we define the indicators that measure the efficiency of IPO primary market allocation and the efficiency of secondary market pricing,and based on the Ohlson residual valuation model based on the applicability analysis of the main board and small and medium-sized board,the financial after the IPO.The data is brought into the valuation model to derive the intrinsic value of the new shares,and then the IPO efficiency indicators are constructed.Then,based on the current status of literature research at home and abroad,the factors affecting IPO efficiency are supplemented.In addition to the existing data in the database,the media data is constructed using news data,and the financial data indicators areobtained through factor analysis,which makes the explanatory variables more comprehensive.Then using R and SPSS software,using typical correlation analysis,variable coefficient partial linear model for empirical analysis.The research shows that in the primary market,the deviation of the reporting tone and the allocation efficiency is obviously related.The CPI growth is negatively correlated with the allocation efficiency deviation rate,while the company’s operating capacity,monthly average funding scale and company value index are positively correlated with the allocation efficiency deviation rate.It is concluded that the factors affecting the efficiency of IPO allocation tend to influence the market environment of the stock market;in the secondary market,the sector,the underwriters ranking is the top ten and the pricing efficiency deviation is obviously related,and the issue quantity is positively correlated with the pricing efficiency deviation rate.The rate,the company’s profitability and the pricing efficiency deviation rate are negatively correlated.It is further concluded that the reasons for the deviation of pricing efficiency tend to influence the development prospects of the company.At the same time,using the data before the third share reform,the Logistic regression model is used to provide investors with an idea of whether the first day of the new stock will break.Finally,relevant policy recommendations and investor suggestions are given,and the registration system of developed countries is inspired to look forward to the prospect of the science and technology board to be established on the Shanghai Stock Exchange. |
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