A Study on Impact of Registration System Reform on IPO Pricing Efficiency

Zerui Li ()
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Zerui Li: Guangdong University of Finance, School of Economics & Trade

A chapter in Proceedings of the International Workshop on Navigating the Digital Business Frontier for Sustainable Financial Innovation (ICDEBA 2024), 2025, pp 285-294 from Springer

Abstract: Abstract This paper aims to explore the impact of China’s registration system reform on IPO pricing efficiency, and analyzes the current status of research and its shortcomings through a literature review. Studies have shown that the registration system reform may trigger market speculation and inhibit IPO pricing efficiency in the short term, but in the long run, the reform shows a positive incentive effect and helps to improve market pricing efficiency. Although information asymmetry still exists and the market recognition of underwriters and intermediaries is low, the registration system reform has made significant progress in improving information disclosure, simplifying listing procedures, and strengthening market-based pricing mechanisms. This paper summarizes the shortcomings of existing research, including insufficient research on long-term effects, imperfect information disclosure mechanisms, low market recognition of intermediaries, narrow scope of heterogeneity analysis, and ineffective suppression of speculative behavior, and puts forward policy recommendations for further improving IPO pricing efficiency. Through these measures, it is intended to further improve the IPO pricing efficiency under the registration system reform, promote the healthy and stable development of China’s capital market, and achieve high-quality economic growth.

Keywords: Registration System Reform; IPO Pricing; Investment Banking (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-652-9_29

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DOI: 10.2991/978-94-6463-652-9_29

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