Research On The Impact Of The Registration System Of The Science And Technology Innovation Board On IPO Price Suppression

New share issuance is related to the amount of financing of micro-entities,but also to the operational efficiency of the financial market,which is a major issue of great concern to all governments.Developed countries in Europe and the United States have more strict procedures for IPO,which can make the IPO of enterprises with development potential more efficient,and European and American scholars have studied IPO in more detail.China’s IPO has not fully borrowed from the European and American models,taking into account China’s specific practices.As the operating efficiency of the capital market continues to improve,market competition continues to strengthen,and information transparency continues to increase,the administrative supervision of China’s IPO will be gradually relaxed.In this context,the reform of the registration system of the Keitron board was born.The implementation of the registration system of the Keitron board is an important innovation that systematically improves the review efficiency,strengthens the market transparency,and to a certain extent affects the price suppression rate of new share issuance.However,there are different views on the impact of the registration system on the price suppression rate of IPOs,and there are also different analyses on the mechanism of the impact of the registration system on the price suppression rate of IPOs,and different conclusions are also obtained.In this thesis,we investigate the impact of the registration system on the price suppression rate of IPOs with a combination of theoretical and empirical analyses,and empirically conclude the extent of the impact of the registration system on the price suppression rate of IPOs.Specifically,this thesis analyzes the difference between the approved system and the registration system and explores the characteristics of the IPO price suppression rate on the basis of sorting out and summarizing the impact of the registration system on the IPO price suppression rate by domestic and foreign scholars,and analyzes the mechanism of the impact of the registration system on the IPO price suppression rate from the perspective of investors’ sentiment and behavior,further,this thesis selects the data of the main board listed enterprises and the science and technology innovation board listed enterprises The thesis further selects the data of listed enterprises on the main board and listed enterprises on the science and technology innovation board,eliminates the invalid data with incomplete information,and finally obtains 848 samples,takes the IPO price suppression rate as the explanatory variable,takes the registration system(RS)as the core explanatory variable,and selects the gearing ratio,enterprise asset size,return on capital,enterprise age,P/E ratio,amount raised,IPO winning rate,underwriters’ reputation and market turnover rate as the control variables to establish a panel model of the control industry The basic conclusion that the registration system of KSC has a negative effect on the IPO price suppression rate is empirically analyzed.In addition,this thesis further analyzes the heterogeneity of IPOs based on their industry attributes and fundraising size,and explores the tailing mechanism of the effect of STB registration system on IPO price suppression rate,and analyzes the moderating effect of STB registration system on IPO price suppression rate.Finally,this thesis concludes that:the registration system of the board reduces the price suppression rate of new issues;there is a tailing effect of the registration system of the board on the price suppression rate of new issues;there is a moderating effect of firm size and market turnover rate on the price suppression rate of new issues by the registration system of the board.There is a moderating effect of enterprise size and market turnover rate on the impact of the registration system on IPO price suppression rate.Further,this thesis proposes the following policy recommendations:to firmly and easily implement the principle of the registration system of the board to ensure that the original purpose of the registration system can be realized;to enhance investors’ risk awareness,to strengthen the transparency of information disclosure,and to enhance investors’ ability to obtain information in a timely manner.