<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>Whether the pilot registration system reform can achieve the expected effect is related to the pace of China’s comprehensive implementation of the registration system reform. This paper selects the data of listed companies on the Science and Technology Innovation Board and the data of listed companies on the Growth Enterprise Market after the pilot registration system. At the same time, the data of listed companies before the GEM registration system reform were selected as a comparative sample. Using the stochastic frontier analysis to test the pricing efficiency of IPOs, this article finds that the registration system reform works well. It improves the efficiency of Chinese IPO pricing. Also, underwriter reputation has a negative impact on IPO pricing efficiency.</p>
</abstract>

Whether the pilot registration system reform can achieve the expected effect is related to the pace of China’s comprehensive implementation of the registration system reform. This paper selects the data of listed companies on the Science and Technology Innovation Board and the data of listed companies on the Growth Enterprise Market after the pilot registration system. At the same time, the data of listed companies before the GEM registration system reform were selected as a comparative sample. Using the stochastic frontier analysis to test the pricing efficiency of IPOs, this article finds that the registration system reform works well. It improves the efficiency of Chinese IPO pricing. Also, underwriter reputation has a negative impact on IPO pricing efficiency.

Analysis of IPO pricing efficiency under the registration system

Applied Mathematics and Nonlinear Sciences

This work is licensed under the Creative Commons Attribution 4.0 International License.

{"article-title":"Analysis of IPO pricing efficiency under the registration system"}

Whether the pilot registration system reform can achieve the expected effect is related to the pace of China’s comprehensive implementation of the registration...

Analysis of IPO pricing efficiency under the registration system

Published Online: Aug 24, 2022

Page range: 457 - 468

Received: Mar 22, 2022

Accepted: May 30, 2022

DOI: https://doi.org/10.2478/amns.2021.2.00215

Keywords
Registration system, IPO, Stochastic frontier analysis, pricing efficiency

© 2023 Huanxue Pan et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Analysis of IPO pricing efficiency under the registration system

Published Online: Aug 24, 2022

Page range: 457 - 468

Received: Mar 22, 2022

Accepted: May 30, 2022

DOI: https://doi.org/10.2478/amns.2021.2.00215

KeywordsRegistration system, IPO, Stochastic frontier analysis, pricing efficiency

© 2023 Huanxue Pan et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
Registration system, IPO, Stochastic frontier analysis, pricing efficiency