Research On IPO Pricing Efficiency And Influencing Factors After The Implementation Of The New Inquiry Regulations Under The Background Of Registration System

On September 18,2021,Securities Association of China,Shanghai Stock Exchange,Shenzhen Stock Exchange and China Securities Regulatory Commission issued a series of rules and guidelines.Since relevant rules and guidelines were formulated around the inquiry system,market participants called them the new inquiry regulations.For the GEM and the Science and Technology innovation board,the inquiry of the promulgation of new regulations,is the first time to the registration system inquiry system for a more comprehensive revision.Since the inquiry system determines the pricing efficiency of the primary stock market,and then determines the financing efficiency of the stock market,it is of great practical significance to study the IPO pricing efficiency of the GEM and the Science and Technology innovation board after the implementation of the new inquiry regulation and the influencing factors of IPO pricing efficiency.Because the research can test whether the registration system inquiry system after the implementation of the new inquiry regulations improves the IPO pricing efficiency,and analyze the factors affecting the IPO pricing efficiency of each IPO pricing efficiency range,which can provide some enlightenment for the further reform of the inquiry system after the comprehensive registration system.Therefore,this paper uses the stochastic frontier model to measure the IPO pricing efficiency of listed companies under the registered inquiry system before and after the implementation of the new inquiry rules,so as to first have a preliminary understanding of the impact of the policy on the IPO pricing efficiency,and then uses the PSM propensity score matching method to test the impact of the new inquiry rules on the IPO pricing efficiency.Finally,the quantile regression model is used to analyze the factors affecting the IPO pricing efficiency under the registration system after the implementation of the inquiry rule.It is found that the IPO pricing efficiency is improved after the implementation of the new rules of inquiry.After the implementation of the new rules of inquiry,the indicators reflecting the fundamental information of enterprises still have a significant impact on the IPO pricing efficiency,but the return on equity and the compound growth rate of operating income only have a positive marginal contribution to the samples with high pricing efficiency.It is also found that the contribution of underwriters to IPO pricing efficiency is negative after the reform of the new regulation of inquiry.At the same time,the initial inquiry number representing the demand of offline investors and the online winning rate representing the demand of online investors also have a negative impact on the IPO pricing efficiency.