Reasons For The Suspension Of "Major Events" In The Short Term After IPO From The Perspective Of Price Earnings Ratio

In recent years,with the IPO long time stop,the constant change of the regulatory policy and the further stricter of the audit,a special phenomenon has emerged in the A stock market in China,that is,the phenomenon of the suspension of new shares listed in the short term,and with the short term after 2014 years after the IPO is listed.The phenomenon blowout of the internal suspension has gradually aroused the attention of the market and the academic circles.Because this phenomenon has suddenly appeared in recent years,and the A shares in our country have some special characteristics because of the existence of the special system of the examination and approval system,so it is difficult to explain the appearance of this phenomenon at the present stage.This article from our country According to the characteristics of the market and the environment of this phenomenon,it is considered that the appearance of this phenomenon is influenced by many factors.This paper explores the three factors for the short term suspension of new shares in the IPO: the refinancing demand of the company,the interest of the controlling shareholders,the change of capital market environment and the policy.At the same time,the three dimensions are divided into two levels,which are based on the refinancing demand of the company,and then explore the influence of the egoistic motivation of the controlling shareholders and the change of the capital market environment and policy on the short-term suspension of the listed companies under the refinancing demand of the company,and study the three factors at the same time.In this paper,based on the sample of the first listed company of IPO in 2007-2017 years,this paper uses the logit regression model to verify the impact of three factors on the major items in the short term after listing and the role of each other.It is found that the company with the lower price earnings ratio of the first IPO is a major issue for the short term suspension after the listing.The higher the possibility,the phenomenon is affected by the refinancing demand of the listed companies;the higher the discount rate of the listed companies after the listing,the higher the possibility of the short term suspension after the listing,which indicates that the occurrence of this phenomenon is influenced by the selfish purpose of the controlling shareholders;the longer the IPO waiting period is,the more possible listing is in the short term.The higher the possibility of a suspension of major items,the more the changes in the capital market environment will have an impact on this phenomenon,the more likely a company with a lower premium rate of new shares will be more likely tohavethe short term suspension after the listing,which shows that the controlling shareholders are more likely to seek financing to reduce the cost of equity,and more inclined to pass a lower price.The opportunity of grid is to seek the interests of its own stakeholders and other stakeholders through the behavior of private placement.Bothshareholder's egoism and market environment changes will weaken the influence of the company's own financing needs.Then,the data of 2013-2017 years were regressive by grouping,and the reason for the outbreak of this phenomenon was explained reasonably.The research shows that the factors affecting this phenomenon include the company's own financing demand,the interest of the controlling shareholders,the market environment and the changes in the policy,and the long stop of IPO and the limit of the P/E ratio have led to the concentrated outbreak of the phenomenon after 2013.This paper makes a reasonable explanation of the important items in the short term listing of new shares,and analyzes the related factors that affect the emergence of this phenomenon.On the one hand,it provides a certain reference for the maintenance of the smooth development of the capital market in China and the avoidance of chaos.On the other hand,the listed companies are on the listed company.The motive factors of the refinancing in the short term are analyzed,which will help the regulatory agencies to supervise the refinancing of the listed companies in the short term,and also have a certain reference value to the related policies of financing.