The Impact Of Withdrawal Of The IPO Companies On Ipo Pricing Efficiency

In recent years,the phenomenon of "IPO withdrawal tide" has been widely concerned by the capital market."Declaration is responsibility",no matter from the long-term development of the company,or from the perspective of regulation,to improve the quality of IPO is the responsibility of securities institutions.Combined with the hot spots of market-oriented reform of registration system,based on the fact of "IPO withdrawal",this paper takes the number of IPO withdrawal as the proxy indicator of explanatory variable,and studies whether it will significantly improve the IPO underpricing rate from the perspective of sponsor institutions.The empirical result is that there is a significant positive correlation between the number of IPOs withdrawan and IPO underpricing rate,that is,the more the number of IPO withdrawal,the higher IPO underpricing rate,thus reducing IPO pricing efficiency.In the process of further testing the impact of IPO withdrawal on IPO underpricing rate,firstly,based on the perspective of brokerage reputation,the empirical results show that high securities reputation has a significant negative moderating effect on the positive correlation between the number of withdrawals and IPO underpricing rate.Based on the perspective of hot and cold markets,the main conclusions show that the hot market has a positive moderating effect on the relationship between withdrawn quantity and IPO underpricing.Based on the double perspective of brokerage reputation and hot and cold market,the results show that the relationship between the number of withdrawals and IPO underpricing rate is affected by both brokerage reputation and the hot and cold market,and under the cold market,the weakening effect of high reputation on the positive correlation between the number of withdrawals and IPO underpricing rate is further strengthened.Finally,in the extension analysis part,the paper discussed the influence mechanism of IPO underpricing rate increased by the number of IPO withdrawal.The path test based on the issue perspective shows that lowering the issue price is the first influence path.The path test from the perspective of investors shows that the short-term speculation behavior of investors is the second influence path.Secondly,this paper also discusses the property right,information asymmetry level on the brokerage reputation adjustment effect.First,the negative moderating effect of brokerage reputation on "withdrawal quantity-IPO underpricing rate" is only significantly established in non-state-owned company.Second,the increase of information asymmetry is helpful to the effective implementation of the reputation of securities firms.To sum up,the study of this paper has important implications.Firstly,it expands the research perspective of IPO pricing.In this paper,the number of IPO withdrawal is linked with IPO underpricing rate,which provides a new empirical basis for the explanation of IPO underpricing phenomenon,and also makes up for the current research only study passive withdrawal of IPO but not the active withdrawal of IPO.Secondly,this paper enriches the related research on the mechanism of securities reputation.The conclusion provides empirical evidence for the securities reputation to play the authentication function in the capital market of our country.Thirdly,this paper makes recommendations from two perspectives.on the one hand,the regulator needs to further consolidate the sense of responsibility of the brokerage institutions and force them to balance the relationship between power and responsibility;on the other hand,the brokerage institutions should constantly improve their professional ability and practice level,and give full play to the "intermediary certification" function of the reputation of the brokerage institutions and effectively act as the responsibility of "capital market gatekeeper".