| For a long time,empirical studies based on capital markets in various countries have found that IPO premium exists in all countries,but the degree of IPO premium will be different depending on the market maturity.IPO premium also exists for a long time in China,and the degree of premium is serious.Too high IPO premium is not conducive to the effective allocation of funds.For this problem,Chinese scholars have studied it in many aspects.At the beginning of the study,the relevant western theories explaining IPO premium were used to verify whether the phenomenon of high IPO premium in China could be explained.However,based on the differences between China and western capital markets,Chinese scholars began to conduct empirical research in combination with China’s actual situation in order to find out the reasons for IPO premium in China.After a lot of research,some scholars pointed out that the IPO system is the main reason for the high IPO premium in China.Up to now,China has carried out three reforms to the issuance system,and each reform of the issuance system will have a significant impact on the capital market.At present,China is in the stage of registration system reform.Since the establishment of China Growth Enterprise Market(GEM),the approval system has been implemented.With the further expansion of the scope of the registration system pilot,on August 24 th,2020,the registration system pilot officially kicked off on GEM.Therefore,the impact of the GEM registration system reform on IPO premium is a test of the results of this reform,and it is of great reference significance to solve the problem of high IPO premium in China’s market through the reform of the issuance system and whether the registration system reform is fully popularized.Therefore,the research content of this paper is the impact of the change from the approval system to the registration system on the IPO premium of the Growth Enterprises Market.Based on the multiple regression model and the DID model,an empirical analysis is carried out on the impact of the registration system reform on the IPO premium.The results show that:(1)The Growth Enterprises Market.registration system has a significant impact on the IPO premium,but due to factors such as large plate differences,The institutional factor RS is positively correlated with the IPO premium rate;(2)the registration system increases the number of new shares supplied to a certain extent,so the variable NIPO that reflects the number of IPOs is significantly negatively correlated with the IPO premium rate;(3)the winning rate LWR and the IPO premium rate Significant positive correlation;(4)the interaction term between the implementation of the registration system and the stock market is positively correlated with the IPO premium rate;(5)the interaction term between the implementation of the registration system and the board is positively correlated with the IPO premium rate;(6)the interaction term between the implementation of the registration system and the industry is positively correlated with the IPO premium rate.And based on the empirical results,the reasons are analyzed,and relevant policy suggestions are put forward. |
