摘 要
注册制改革作为我国资本市场深化改革的重要举措，旨在通过优化市场资源配置和提升信息披露质量来促进资本市场的健康发展，而IPO抑价现象作为全球资本市场中的普遍问题，在我国市场中尤为显著，其背后反映了市场机制的不完善以及信息不对称等问题。本研究以注册制改革为背景，探讨其对IPO抑价现象的抑制作用，试图揭示制度改革如何通过改善信息环境和市场定价效率来缓解这一问题。研究采用事件研究法与多元回归分析相结合的方法，基于2019年至2022年间我国A股市场的IPO数据，构建了包含市场因素、公司特征及制度变量的综合模型。结果表明，注册制改革显著降低了IPO首日抑价水平，其主要机制在于增强了市场定价能力并减少了信息不对称。此外，研究发现注册制实施后，市场化程度较高的行业和地区表现出更明显的抑价缓解效应，这进一步验证了制度环境对改革效果的重要性。本研究的创新点在于首次从信息效率视角系统分析了注册制改革对IPO抑价的影响路径，并结合行业与地区异质性进行了深入探讨。研究结论不仅为理解注册制改革的实际成效提供了实证支持，也为后续政策优化提供了理论依据，同时对全球新兴市场在推行市场化改革过程中解决IPO抑价问题具有一定的借鉴意义。
关键词：注册制改革；IPO抑价；信息不对称；市场定价效率；制度环境
Abstract
The reform of the registration-based system, as a crucial measure for deepening the reform of China's capital market, aims to promote the healthy development of the capital market by optimizing resource allocation and enhancing the quality of information disclosure. Initial public offering (IPO) underpricing, a common issue in global capital markets, is particularly pronounced in China, reflecting imperfections in market mechanisms and problems such as information asymmetry. This study investigates the inhibitory effect of the registration-based system reform on IPO underpricing, attempting to reveal how institutional reform alleviates this issue by improving the information environment and market pricing efficiency. By combining event study methodology with multiple regression analysis, this research constructs an integrated model based on IPO data from China’s A-share market between 2019 and 2022, incorporating market factors, firm characteristics, and institutional variables. The results indicate that the registration-based system reform significantly reduces the level of IPO first-day underpricing, primarily through enhancing market pricing capabilities and reducing information asymmetry. Additionally, the study finds that industries and regions with higher degrees of marketization exhibit more pronounced effects in mitigating underpricing after the implementation of the registration-based system, further validating the importance of institutional environments for the effectiveness of the reform. The innovation of this study lies in its systematic analysis of the impact pathways of the registration-based system reform on IPO underpricing from the perspective of information efficiency, complemented by an in-depth exploration of industry and regional heterogeneities. The conclusions not only provide empirical support for understanding the practical outcomes of the registration-based system reform but also offer theoretical foundations for subsequent policy optimization. Furthermore, the findings have implications for emerging markets globally in addressing IPO underpricing during the process of promoting market-oriented reforms.
Keywords: Registration System Reform; IPO Underpricing; Information Asymmetry; Market Pricing Efficiency; Institutional Environment
目 录
1绪论 1
1.1注册制改革与IPO抑价现象的研究背景 1
1.2研究注册制改革对IPO抑价抑制作用的意义 1
1.3国内外关于注册制与IPO抑价的研究现状 1
1.4本文研究方法与数据来源分析 2
2注册制改革的理论基础与机制分析 2
2.1注册制改革的核心理念与实施路径 2
2.2注册制下市场定价机制的作用机制 3
2.3IPO抑价现象的成因及其影响因素分析 3
2.4注册制对信息不对称问题的缓解机制 4
2.5注册制改革对市场效率提升的理论支撑 4
3注册制改革对IPO抑价现象的影响实证分析 5
3.1数据选取与变量定义方法 5
3.2实证模型构建与假设设定 5
3.3注册制前后IPO抑价水平的对比分析 6
3.4注册制对不同行业IPO抑价的差异化影响 6
3.5实证结果分析与政策有效性评估 7
4注册制改革优化建议与未来展望 7
4.1当前注册制改革存在的不足与挑战 7
4.2进一步完善注册制以抑制IPO抑价的对策 8
4.3提高信息披露质量的路径探讨 8
4.4市场监管机制在注册制中的改进方向 9
4.5注册制改革对资本市场长期发展的意义 9
结论 10
参考文献 11
致 谢 12
