| The stock market is an important channel for the direct financing of enterprises,and the IPO is the gateway to this market.In China's capital market,there exists dual policy control of access and pricing,the former generates "scarcity premium",while the latter directly leads to the loss of IPO price effectiveness.Since the control of IPO pricing is directly targeted at the start p/e ratio,which is closely related to the growth of the listed company,we choose the GEM market with the reputation of "high growth"as the research object to better reflect the impact of IPO policy control.From the classic supply and demand model of traditional economics,we have dissected the economic principle behind the control of supply and price,and proposed the concept of "scarcity premium","hidden financing costs",and divided into three situations according to different control price setting positions.In order to meet the actual conditions of the market,we relax the homogeneity" assumption implied in the classical model,and make the pre-judgment of the self-selected behavior of the IPO companies with different growth conditions.In the empirical test,we focus on three issues:the effectiveness of IPO price,company growth,and IPO underpricing,and the verification of the effectiveness of IPO pricing is the basis for following research.Through regression analysis,we found that,in the market pricing stage,the start p/e ratio can reflect factors such as the growth of the company after listing,and this effectiveness is lost in the price control phase;By comparative analysis,we found that the pricing regulation did not cause problems of"adverse selection",and "consistently profitable growth requirements" led to serious"IPO effect".In addition,the "pre-ipo earnings threshold" requirement of our country make the growth ability of the listed company on China's GME market less than that of the NASDAQ;In terms of IPO underpricing,the results show that IPO underpricing in the price control stage is significantly higher than that in the market pricing stage,and the efficiency of the secondary market transaction price of IPO market pricing stage is significantly higher than that of the pricing control period.In this study,we are trying to construct a theoretical framework to explain the issues of "scarcity premium","adverse selection","IPO effect" and "IPO underpricing"due to the IPO policy control.Through theoretical analysis and empirical test,this paper makes a comprehensive and in-depth analysis of the impact of IPO policy control on China's GEM market.Based on this,we put forward the policy suggestions of eliminating the IPO pricing regulation as soon as possible,gradually releasing the restriction of access and actively promoting the implementation of the registration system. |
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