Research On The Impact Of Registration System Reform On The Pricing Efficiency Of IPO On The Growth Enterprise Market

China has always attached great importance to the development and improvement of the capital market,as an important part of the capital market,the stock market has always been one of the key development objects of the state.Since 2019,China has implemented a more market-oriented registration system,and has gradually carried out pilot projects on the Science and Technology Innovation Board,Chi Next and Beijing Stock Exchange.The high-quality development of my country’s stock market is steadily advancing.IPO pricing efficiency reflects whether the issuance price is reasonable,and deeply affects the prospects of the enterprise,the interests of investors and the maturity of the entire market,if the pricing efficiency is inefficient,it will not only hinder the development of the enterprise,harm the interests of investors,but also cause the entire market inefficiency,distort the allocation of social resources.Therefore,this paper focuses on the pricing efficiency of IPOs in the Chi Next market,studies the policy effects of the registration system reform,enriches the existing theoretical research,and provides theoretical support and policy suggestions for the subsequent implementation of the registration system in the whole market.Taking 882 companies that were listed on the Chi Next market from 2014 to 2022 as a research sample,this paper combines theoretical analysis with empirical analysis to deeply explore the impact of the policy factor of registration system reform on the IPO pricing efficiency of the Chi Next market and the transmission mechanism behind it.Based on the empirical results,this paper draws the following conclusions:(1)The registration system reform significantly improves the efficiency of IPO pricing in the Chi Next market by improving the quality of information disclosure,reducing the actual first-day turnover rate of new listings,and increasing the initial price-to-earnings ratio of new stocks.(2)The increase in the shareholding ratio of institutional investors can significantly enhance the role of the registration system reform in improving the pricing efficiency of Chi Next IPOs.(3)The reform of the registration system has a heterogeneous impact on enterprises of different natures.Specifically,the specialized and special new enterprises in Chi Next are more sensitive to the policy effect of the registration system reform,and the pricing efficiency improvement effect of such enterprises is more obvious than that of non-specialized and special new enterprises.The enlightenment from the above conclusion is that in the process of fully implementing the registration system in the future,we can focus on improving the quality of information disclosure,relaxing the control of issuance price and restrictions on price increases and decreases,continuing to increase the proportion of institutional investors in the market,and increasing the proportion of specialized and special new enterprises among listed companies,so as to improve the market environment and improve the efficiency of resource allocation.The innovation of this paper is that the pricing efficiency of companies before and after the implementation of the registration system is measured in two different ways,and finds the moderating role of institutional investors’ shareholding ratio in this process and the heterogeneity of the impact of the registration system reform on the pricing efficiency of different enterprises.