创业板注册制改革对IPO定价效率的影响研究

Research on the Influence of GEM Registration System Reform on IPO Pricing Efficiency

实施注册制是我国资本市场化改革的重要举措,对IPO定价效率有显著影响。基于创业板由核准制向注册制转换的变革,研究发现注册制会显著降低IPO抑价率,提升IPO定价效率;注册制对信息披露水平及中介机构的定价效用均具有调节作用。研究表明注册制改革有利于缓解我国资本市场IPO抑价率较高的问题,为全面实施注册制,提升资本市场资源配置能力积累了一定的经验。

The implementation of the registration system is a significant measure in China's capital mar⁃ket reform and has a notable effect on IPO pricing efficiency.This study examines the transformation of the Growth Enterprise Market(GEM)from an approval-based system to a registration-based system and finds that the registration system significantly reduces IPO underpricing and improves IPO pricing effi⁃ciency.The registration system also moderates the pricing effect of information disclosure levels.Further⁃more,the registration system has a moderating effect on the pricing efficiency of intermediaries.The re⁃search shows that the reform of the registration system is conducive to alleviating the high underpricing rate of IPO in China's capital market and has accumulated experience for the full implementation of the registration system and the improvement of resource allocation ability in the capital market.