IPO Pricing Efficiency And Influence Factors Analysis Of The STAR Market

The STAR Market has been introduced for more than two years.The STAR Market pilot registration system has brought much conveniece to high-tech innovative enterprices,which accelerated the process of approval of listed companies and lowerd the listing standards.Furthermore,The STAR Market plays the essential role in the capital market,which related to whether high-tech innovative enterprises can have prospective development in our country and China’s future economy can achieve high-quality development.In order to achieve this goal,first measure the efficiency values of the two sets of data of the the STAR Market and the GEM,and then use the method of PSM to verify whether the pricing efficiency caused by the registration system is different,for this reason,the listed company data before the registration system is not implemented on the GEM is selected,and the covariate variables are selected to match with the data of the listed enterprises on the STAR Market,and the results confirm that the registration system does affect the pricing efficiency.Based on the matching data,the influencing factors of pricing efficiency under the registration system framework are analyzed by using OLS method.The empirical results show that: First,the average pricing efficiency of the STAR Market was measured to be 33.76% using the stochastic frontier model,while the GEM board was 16.22%,and the result passed the endogenous test,so it can be concluded that the average pricing efficiency of the STAR Market implementing the registration system is higher than that of the GEM board that implements the approval system,and the registration system reform can partially improve the pricing efficiency of new shares;second,the reason for the low overall pricing efficiency of the STAR Market is that the pricing of new shares does not fully consider the financial status of listed companies and the ability to invest in research and development.The role of institutional investors has not been fully exerted;third,the pricing efficiency of the STAR Market is higher than that of the GEM board because the underwriters have played the role of the "gatekeeper" of the IPO in the pricing process,and the strategic investors have also played a professional advantage in information collection and processing in the pricing process of new shares.