An Empirical Study On The Impact Of Registration System Reform On The Stock Price Fluctuation Of Chinext

Stock price volatility is often used as an important measure of market risk changes in my country,which reflects the back-and-forth degree of price trends and represents the uncertainty of stock prices.It is of important meaning to research the stock price volatility to analyze the influence of the registration reformation on market risks for the construction and advancement of China ’s capital market fundamental system.This paper firstly studies the background and significance of the impact of the registration system reform on the Chi Next market,clarifies the research content and research methods,and combines the noise trading theory on stock price volatility and the current more authoritative efficient market theory.After analyzing the actual performance of the Chi Next market,an empirical study is conducted on the impact of the registration system reform on the volatility of Chi Next stock prices.In view of the introduction of the registration system reform into my country’s "stock + incremental" capital market for the first time,this paper divides GEM companies into stock companies and incremental companies.Stock companies refer to companies that have passed the approval system before the GEM registration system reform.Enterprises,incremental companies refer to companies that issue new shares for the first time under the registration system.In terms of existing companies,this paper selects the sample data from September2019 to September 2021 for the constituent stocks of the Chi Next Index and the SME Board Index,first uses propensity score matching(PSM)to process the data,and then uses the double difference model(DID)test and analyze the effect of the registration system reform on the stock price volatility of the stock sector on the Chi Next.At the same time,this paper also studies the transmission mechanism of the registration system reform affecting stock price volatility.In the aspect of incremental companies,this text chooses the sample data of IPO stocks on the Growth Enterprise Market,the SME Board and the Shenzhen Main Board from September 2019 to September 2021,and uses the least squares method to analyze the impact of registration-based issuance and approval-based issuance on stock price fluctuations at the initial stage of listing.influence.The study found that:(1)The registration system reform has a negative effect on the stock volatility of Chi Next companies.(2)In existing companies,the reform of registration system decreases the influence of herd behavior by improving the shareholding ratio of institutional investors.Accordingly,the volatility in share prices will be reduced.(3)Among existing companies,the registration system reform reduces the impact of the herd effect by increasing the shareholding ratio of institutional investors,thereby reducing the volatility of stock prices.(4)The registration system reform has a positive effect on the initial fluctuation of IPO stocks on the Chi Next Board.For investors,the real value of corporate securities can be judged by the price trend,thereby reducing the uncertainty of securities prices and further reducing irrational fluctuations in stock prices;for executives of listed companies and institutional investors In other words,the internal control capability of the company has been enhanced,and the analyst tracking indicators have also increased the transparency of securities price information.However,the development of my country’s capital market is not yet mature,and the proportion of retail investors is too high.It is impossible to professionally analyze the information disclosed by newly listed stocks,resulting in the phenomenon of high volatility and high price uncertainty and risk in the initial stage of listing of individual stocks..Therefore,this paper puts forward the following five suggestions:(1)Improve the quality of information disclosure and implement differentiated information disclosure.(2)Deepen the reform of relevant systems and clarify the market position of intermediaries.(3)Build an information connection system and strengthen sector linkage.(4)Strengthen investor education and improve investor rights protection system.(5)Strengthen legal protection and improve the legal system.