Analysis of IPO pricing efficiency under the registration system

• Autores: Huanxue Pan, Ying Ma
• Localización: Applied Mathematics and Nonlinear Sciences, ISSN-e 2444-8656, Vol. 8, Nº. 2, 2023, págs. 457-468
• Idioma: inglés
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• Resumen

  • Whether the pilot registration system reform can achieve the expected effect is related to the pace of China’s comprehensiveimplementation of the registration system reform. This paper selects the data of listed companies on the Science andTechnology Innovation Board and the data of listed companies on the Growth Enterprise Market after the pilot registrationsystem. At the same time, the data of listed companies before the GEM registration system reform were selected as acomparative sample. Using the stochastic frontier analysis to test the pricing efficiency of IPOs, this article finds that theregistration system reform works well. It improves the efficiency of Chinese IPO pricing. Also, underwriter reputation hasa negative impact on IPO pricing efficiency.