| The GEM market,as an important supplement to the main board market,is set up to broaden the financing channels for SMEs and promote the upgrading of the industrial structure.Since its establishment,it has played an important role in the development of Chinese enterprises and economic transformation.As China's economy has entered a period of new normal,China's economy is gradually moving from investment-driven growth to innovation-driven quality growth.In order to better meet the needs of economic development,the importance and urgency of GEM reform have become increasingly prominent.In order to help the reform of the GEM,we start with the existing administrative interventions of the GEM,analyze its impact on the effectiveness of IPO pricing,and discuss the focus of future reforms combing the reform opportunities brought by the STAR Market.We use a comprehensive method of theory and empirical analysis,starting from two levels of "access control" and "pricing control" for administrative intervention,and using three dimensions of "the deviation degree of market reflection price and IPO pricing "," How well does the price reflect the information”,“ the level of deviation between the IPO pricing and the intrinsic value of the company's true equity and the transaction value related to the market environment ” for the IPO pricing effectiveness.In the theoretical analysis dimension,we start with the classic supply and demand framework.In the dimension of admittance control,we first explain how admittance control causes the scarcity of listed resources,and then through supply and demand analysis to explore how the scarcity of listed resources pushes up the issue price of new shares and increases market speculation.In the dimension of pricing regulation,we discuss by situation.We propose that the excessively low regulatory price cap will cause the issuer to generate "extra financing costs",thereby reducing the desire for listing,and triggering a secondary market bubble due to further imbalances in market stock supply and demand.In the empirical dimension,first of all,we correct the general pricing efficiency indicators through marketization,and after eliminating market interference,it is found that pricing control will exacerbate the phenomenon of underpricing of new stocks,and the inquiry mechanism exists in name only.Then we found that pricing control will weaken the degree of IPO pricing to reflect the internal and external information of the company.Finally,we use forecast data to establish the intrinsic value validity index of the equity and the transaction value validity index,and found pricing control has achieved the initial goal of governance of solving "three highs" problem,but at the same time it has made the pricing discount of new stocks more and more serious.Based on the above research,combined with the reform opportunities created by STAR Market for the capital market,we propose that the market reform of the GEM is imperative and important,but the reform should maintain the gradual reform rhythm,pay attention to the smooth transition of the original stock,introduce mature overseas long-term investment as well promote domestic institutional investors to grow and diversify the threshold for listing for dislocation competition with the STAR Market. |
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