| 摘要: |
| 实施注册制改革对推动中国经济发展具有重要意义，但学术界对发行制度调整对创业板市场新股发行效率的影响研究甚少。本文通过建立双重差分模型，研究注册制改革对创业板IPO定价效率的影响。实证分析结果发现：短期内注册制改革抬高了创业板IPO抑价率，且中签率与IPO抑价率呈正相关关系，发行费用与IPO抑价率呈负相关关系。分析产生这种结果的原因，注册制改革的效果尚未显现，我国资本市场相关制度尚未健全，个体投资者占比高，投机心理多，不同板块受到注册制改革的影响不同。由此，本文提出完善相关法律法规、增强对个体投资者的投资知识教育、提高企业盈利能力、适当增加发行费用等建议。 |
| 关键词: 注册制改革；创业板；双重差分模型；IPO抑价率 |
| DOI： |
| 分类号:F832.5 |
| 基金项目:基金项目：北京社会科学基金青年规划项目“国际比较视角下北京经济高质量发展的指标体系及路径优化研究”（19YJC038）。 |
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| Research on the Impact of Registration System Reform on the Pricing Efficiency of ChiNext IPO |
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LI Meng-yu，XU Xin-wen
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(School of Economics,Beijing Technology and Business University)
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| Abstract: |
| The implementation of the registration system reform is of great significance to promoting China’s economic development,but the degree of impact of the adjustment of the issuance system on the issuance efficiency of new shares in the ChiNext market is rarely studied in academic circles.This paper studies the impact of the registration system reform on the pricing efficiency of GEM IPOs by establishing a double-difference model.The empirical analysis results show that the registration system reform has raised the IPO underpricing rate of the GEM in the short term,and the winning rate is positively correlated with the IPO underpricing rate,and the issuance fee is negatively correlated with the IPO underpricing rate.The reasons for this result may be that the effect of the registration system reform has not yet appeared,the relevant system of China’s capital market has not yet been perfected,the proportion of individual investors is high,there is a lot of speculation,and different sectors are affected by the registration system reform differently.Therefore,this paper puts forward suggestions such as improving relevant laws and regulations,enhancing investment knowledge education for individual investors,improving corporate profitability,and appropriately increasing issuance fees. |
| Key words: Registration System Reform;Growth Enterprises Market;Difference-in-difference;IPO Underpricing Rate |
