【作者】 杨杰；

【导师】 张月飞；

【作者基本信息】 浙江大学 ， 金融（专业学位）， 2023， 硕士

【摘要】 我国一直重视资本市场的发展与完善,作为资本市场的重要组成部分,股票市场也一直是国家重点发展的对象之一。自2019年以来,我国实行了更具市场化的注册制,并逐步在科创板、创业板和北交所进行试点。我国股票市场的高质量发展在稳步推进。新股IPO定价效率反映了发行价格是否合理,并且深入影响企业的前景、投资者的利益和整个市场的成熟程度,如果定价效率低下,不仅会阻碍企业的发展、损害投资者的利益,还会造成整个市场效率低下,扭曲社会资源的配置。因此,本文聚焦创业板市场的新股定价效率,研究注册制改革的政策效应,丰富现有的理论研究,并且为后续在全市场推行注册制提供理论支撑和政策建议。本文以2014年-2022年期间在创业板市场进行发行上市的882家公司为研究样本,将理论分析与实证分析相结合,深入探讨了注册制改革这一政策因素对创业板市场IPO定价效率的影响以及其背后的传导机制。根据实证结果,本文得出以下结论:(1)注册制改革通过提高信息披露的质量、降低新股上市实际首日换手率以及提高新股首发市盈率这三条路径显著提高了创业板市场IPO定价效率。(2)机构投资者持股比例的增加可以显著增强注册制改革对创业板IPO定价效率的提升作用。(3)注册制改革对不同性质的企业具有异质性影响。具体来说,创业板中的专精特新企业对注册制改革的政策效应比较敏感,这类企业的定价效率提升效果相对于非专精特新企业来说较为明显。由上述结论得到的启示是:未来在全面推行注册制的过程中,可以重点提升信息披露的质量、放松发行价格的管制和涨跌幅的限制、继续加大机构投资者在市场中的比例以及增加上市公司中专精特新企业的占比,从而改善市场环境,提高资源配置的效率。本文的创新点是:以两种不同的方法衡量了注册制实施前后公司的定价效率,,并且发现了机构投资者持股比例在此过程中的调节作用以及注册制改革对不同企业定价效率影响的异质性。更多还原

【Abstract】 China has always attached great importance to the development and improvement of the capital market,as an important part of the capital market,the stock market has always been one of the key development objects of the state.Since 2019,China has implemented a more market-oriented registration system,and has gradually carried out pilot projects on the Science and Technology Innovation Board,Chi Next and Beijing Stock Exchange.The high-quality development of my country’s stock market is steadily advancing.IPO pricing efficiency reflects whether the issuance price is reasonable,and deeply affects the prospects of the enterprise,the interests of investors and the maturity of the entire market,if the pricing efficiency is inefficient,it will not only hinder the development of the enterprise,harm the interests of investors,but also cause the entire market inefficiency,distort the allocation of social resources.Therefore,this paper focuses on the pricing efficiency of IPOs in the Chi Next market,studies the policy effects of the registration system reform,enriches the existing theoretical research,and provides theoretical support and policy suggestions for the subsequent implementation of the registration system in the whole market.Taking 882 companies that were listed on the Chi Next market from 2014 to 2022 as a research sample,this paper combines theoretical analysis with empirical analysis to deeply explore the impact of the policy factor of registration system reform on the IPO pricing efficiency of the Chi Next market and the transmission mechanism behind it.Based on the empirical results,this paper draws the following conclusions:(1)The registration system reform significantly improves the efficiency of IPO pricing in the Chi Next market by improving the quality of information disclosure,reducing the actual first-day turnover rate of new listings,and increasing the initial price-to-earnings ratio of new stocks.(2)The increase in the shareholding ratio of institutional investors can significantly enhance the role of the registration system reform in improving the pricing efficiency of Chi Next IPOs.(3)The reform of the registration system has a heterogeneous impact on enterprises of different natures.Specifically,the specialized and special new enterprises in Chi Next are more sensitive to the policy effect of the registration system reform,and the pricing efficiency improvement effect of such enterprises is more obvious than that of non-specialized and special new enterprises.The enlightenment from the above conclusion is that in the process of fully implementing the registration system in the future,we can focus on improving the quality of information disclosure,relaxing the control of issuance price and restrictions on price increases and decreases,continuing to increase the proportion of institutional investors in the market,and increasing the proportion of specialized and special new enterprises among listed companies,so as to improve the market environment and improve the efficiency of resource allocation.The innovation of this paper is that the pricing efficiency of companies before and after the implementation of the registration system is measured in two different ways,and finds the moderating role of institutional investors’ shareholding ratio in this process and the heterogeneity of the impact of the registration system reform on the pricing efficiency of different enterprises.更多还原