A Case Study On The Waiver Of FII's New Issued Stocks After Being Successfully Subscribed

The transformation of new share issuance from auditing system to registration system is one of the objectives of the reform of stock market supervision in China.With the orderly progress of the reform of registration system,China formally abolished the pre-payment system for new share issuance on January 1,2016.Thus,the problem of qualified investors' application for new shares subject to capital constraints has been solved,and new shares can be paid after the successful placement or signing,resulting in new shares.The number of subscribers increased sharply,and the winning rate dropped to one in ten thousand.Since then,however,there has been an increasing number of subscription and abandonment phenomena in the stock market,which has aroused widespread discussion on the phenomenon and the rationality of investors' abandonment behavior.In this regard,this paper chooses the "FII" which involves the amount and scale of new stock issuance and has created the largest A-share history as the case study object.From the perspective of non-financial factors and the value of stock investment based on finance,this paper evaluates and analyses the behavior of investors' signing and abandoning of new shares in "FII" and the reasons behind it,and concludes that investors' abandonment is actually a rational decision-making line.For this reason,the reasons for investors' abandonment of "FII" mainly come from macroeconomic environment and industry fluctuation risk,high customer concentration and demand change risk,transformation risk under "OEM" business model,insufficient R&D and innovation ability,and overvalued stock price.Based on the conclusions,this paper puts forward some suggestions for the regulatory authorities,the companies to be listed and investors.As a relatively new issue,the domestic theoretical circles have not yet made a special study on this issue,and there are few references.Therefore,although this study is innovative,there may be some deficiencies in the depth of research and research conclusions.