Research On The Influence Of The Reform Of IPO System On Underpricing Phenomenon

Initial public offering,also known as IPO or new sharing issue,is a process that when a stock company reaches a certain standard,it raise funds to the public for the first time through the stock market.The initial public offering in this thesis,refers to a series of processes and arrangements involved in stock pricing,underwriting and selling,so as to develop a series system of new sharing issue.From the beginning of China's security market,it has experienced four times of the reform of the IPO system,and the securities market has made great achievements.The first chapter of this thesis expounds the background of the reform of the IPO,then puts forward the purpose and significance,on this basis,the paper constructs the structure and ideas.The second chapter summarizes literature review on the domestic and foreign related IPO under pricing phenomenon,and provides a theoretical basis for the analysis of the reform of securities market.The third chapter focuses on the comparison of the advantages and disadvantages of different periods of initial public offering system.In the fourth chapter of the empirical research,according to the actual situation of initial public offering system reform,this thesis considers the IPO under pricing rate as the dependent variable,and divides the explanatory variables into three categories of companies value,investor sentiment and market policies,analyzing through a linear regression and multiple linear regression by Eviews software,in order to test different period of initial public offering system influence on the price rate of IPO under pricing.In the fifth chapter,the thesis makes an analysis and conclusions,finally in the sixth chapter this paper puts forward some suggestions and measures related to the application.The discovery process in combination with the reform of IPO system,the thesis discovered IPO under pricing rate was decreasing,thanks to the deepening of reform of new shares system.In the reform process of new shares,with the change in the stock market,factors influencing underpricing are gradually increase,which shows that the effectiveness of new reform is very significant.In the study of IPO effect on price index rate,the three categories,intrinsic value of listed companies,investor sentiment and market policies in,investor sentiment and market policy impact on the price rate is more obvious than the company's intrinsic value.In the study of the effectiveness of IPO suppression,this paper found that first-day opening gains and after-opening gains,which belong to the investor sentiment,have significant influence on IPO under pricing rate,this unusual phenomenon indicates that initial public offering system in China is not perfect,the reform still needs further completing.So we need to pay special attention to put on the agenda of the reform of the registration system,registration system reform can alleviate the contradiction between supply and demand of the new share issuing market,control inflation on the second board market,and strengthen the role for multi-level capital market.At the same time,the implementation of this reform will improve the delisting mechanism and accountability system,plays the positive role for the healthy development of the stock market.