Research On The Impact Of Information Disclosure Quality On IPO Pricing Efficiency In China Marketization Degree

With the integration of global economy,the implementation of "registration system" is the inevitable trend of the development of capital market.China's compliance with the law of capital market and the full implementation of registration system in 2020 will become a great change in the development of capital market.Although China's stock market is constantly opening and improving,IPO underpricing is serious,the pricing difference of homogeneous companies is large,which can not reflect the internal value of enterprises,and the first day's excess return is serious.From the root,it is caused by the incomplete marketization of the new issue system,and the information asymmetry between enterprises and stakeholders aggravates the inefficient IPO pricing.Therefore,on the basis of signaling theory and stakeholder theory,this paper studies the impact of information disclosure quality on IPO pricing efficiency.This paper mainly studies the relationship among information disclosure quality,property right nature and IPO pricing efficiency.By combing and summarizing the existing literature at home and abroad,this paper further proposes new research issues,focusing on two aspects of this research topic: first,whether the quality of information disclosure affects IPO underpricing;second,whether the nature of property rights regulates the relationship between the quality of information disclosure and IPO pricing efficiency? Therefore,two research hypotheses are put forward,and relevant data of A-share listed companies in Shenzhen Stock Exchange from 2015 to 2018 are collected.Spss23.0 and excel are used to analyze and process the data,and the following research conclusions are drawn:(1)On the relationship between the quality of information disclosure and the efficiency of IPO pricing,through theoretical and empirical analysis,this paper concludes that after controlling the influence of other factors,the quality of information disclosure has a negative correlation with IPO underpricing rate.Generally speaking,the higher the quality of information disclosure,the lower the IPO underpricing rate,so as to improve the efficiency of IPO pricing.(2)Whether the nature of property right can regulate the relationship between the quality of information disclosure and the efficiency of IPO pricing,this paper concludes that the nature of property right can regulate the relationship between the quality of information disclosure and the efficiency of IPO pricing through theoretical and empirical analysis.Compared with state-owned enterprises,the negative impact of information disclosure quality on IPO underpricing rate in non-state-owned enterprises is stronger.Finally,on the basis of theoretical analysis and empirical research conclusions,this paper puts forward suggestions from the three perspectives of government,enterprises and intermediary institutions,through improving the quality of information disclosure,thus promoting the efficiency of IPO pricing,hoping to provide reference for the smooth implementation of registration system.