Can The Registration System Reform Of STAR Board Improve The Efficiency Of IPO Pricing?

This paper takes the IPO companies landing in the capital market during the special transition period of China’s registration system reformation 2019 to 2020 as the research sample,and studies the relationship between the registration system reform and IPO pricing efficiency based on the Star board market,as well as the intermediary role played by the information disclosure,institutional investors’ benefit and accounting conservatism.The detailed degree of information disclosure is measured by the number of words in the prospectus,the benefit level of institutional investors is measured by the allocation ratio,the accounting conservatism is measured by the accumulated non operating accruals,and the IPO underpricing is measured by the deviation of the closing price from the offering price 30 trading days after listing.heteroscedasticity robust standard error were used to correct the OLS regression results.The results show that the above mediating factors have a negative mediating role in the impact of the registration system reform on IPO underpricing rate,that is,the registration system reform helps to improve the IPO pricing efficiency through the transmission of the above factors.This paper gives three policy suggestions according to the research results:First,should further improve the information disclosure system in order to guide the listed companies to actively disclose information;Second,the main board registration system reform could draw lessons from the relevant provisions of the Star board on the placement of institutional investors;Third,the regulators should weaken the standard of only financial indicators,and continuously supervise the professional quality of intermediaries.