The Research Of Influence Of China’s IPO Issurance Regulations Reform On Returns Of IPO Application

Since our stock market made its first step later than developed countries, the economic and market environment of our stock market is different from the overseas mature market. In the while, restricted by the social, economic and legal environment, IPO Issurance Regulations has been overwhelmed with strong administrative color from the very beginning.As China’s stock market has witnessed rapid development from 1990 to 2012, the issuing of IPO shows many questions and such drawbacks as high PE ratio, high issuing price and sudden performance change seem to be extremely highlighted. We may say that one of the key questions that have received the most attention in the current Chinese stock market is the reform of IPO issurance regulations. Therefore, the reform of IPO IPO issurance regulations becomes increasingly important to the sound development of primary stock market.The study in this thesis is mainly based on the three times of IPO Issurance Regulations reform from 2009 to 2012. Firstly, it starts from the institutional background and practical background of he three times of IPO Issurance Regulations reforms, and takes "three highs" and "discontinued issurance" existing in the three reforms as the entry point to conduct a theoretical study and empirical analysis on the influence of IPO enquiry regulations, same-proportion allocation regulations, ballotting regulations, reallocation mechanism and pricing mechanism on IPO subscription yields.In this thesis, IPO sample data and correlated variables of our stock market from 2009 to 2012 are selected, and as to the method of empirical analysis, EVIEWS 6.0 software is used in single-sequence descriptive statistics and dummy variable regression.It is suggested by the result of empirical analysis that same-proportion allocation equalizes new share application earnings for the investors and makes it similar to risk-free return; ballotting allocation substantially brings down the average underpricing rate for offline IPO investors in the first day; after the lock-up period system is cancelled, both the day-one underpricing rate and online IPO subscription yield are dropping, while offline IPO subscription yield are rising.