注册制改革对IPO抑价的影响——来自创业板的证据

The Impact of Registration System Reform on IPO Underpricing: Evidence from ChiNext

利用多元回归模型,分析注册制改革对创业板新股IPO抑价及短期收益的影响,以2009年10月30日至2021年3月31日在创业板上市的932家企业为研究样本进行实证检验,并以上市后前5个交易日抑价替代首日抑价进行稳健性检验,研究发现:创业板注册制改革红利的释放和投资者对改革的投机行为,显著提升了新股上市首日IPO抑价。创业板注册制改革的实施虽然没有抑制投资者的“炒新”行为,但促成了投资者投资行为的转变,使投资者更关注风险与收益的对比关系,投资更趋理性。创业板注册制改革的实施加快了新股价值的回归,表现为上市后前5个交易日抑价和新股短期收益的显著下降。另外,研究发现,承销商的作用并没有得到市场的显著认可。应全面贯彻“零容忍”方针,切实提高信息披露质量;加强对投资者的教育,提高投资者对注册制的适应能力;坚持从严监管,压实中介机构责任;做好顶层设计,确保全面注册制改革平稳落地。

Using multiple regression model,the paper analyzes the impact of registration system reform on IPO underpricing and short-term earnings of new shares on ChiNext,empirically tests 932 enterprises listed on ChiNext from October 30,2009 to March 31,2021,and tests the robustness of replacing the first day underpricing with the first five days underpricing.The paper finds that the release of dividends from the ChiNext registration system reform and investors'speculation on the reform significantly increased the IPO underpricing on the first day.Although the implementation of the ChiNext registration system reform did not inhibit investors'speculation,it changed investors'investment mode,made investors pay attention to the comparative relationship between risk and return,and made investment more rational.The implementation of the ChiNext registration system reform has accelerated the return of the value of new shares,which is manifested in the significant decline of the first five days underpricing and the short-term return of new shares.In addition,the role of underwriters has not been significantly recognized by investors.We should fully implement the policy of"zero tolerance"and effectively improve the quality of information disclosure,strengthen investor education and enhance the adaptability of investors to the registration system,adhere to strict supervision and consolidate the responsibilities of intermediary institutions,do a good job of top-level design to ensure the smooth implementation of comprehensive registration system reform.