Proceedings of the International Workshop on Navigating the Digital Business Frontier for Sustainable Financial Innovation (ICDEBA 2024)

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

Authors
Zerui Li1, *
1School of Economics & Trade, Guangdong University of Finance, Guangzhou, 510521, China
*Corresponding author. Email: gaoxingtian@ldy.edu.rs
Corresponding Author
Zerui Li
Available Online 24 February 2025.
DOI
10.2991/978-94-6463-652-9_29How to use a DOI?
Keywords
Registration System Reform; IPO Pricing; Investment Banking
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.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the International Workshop on Navigating the Digital Business Frontier for Sustainable Financial Innovation (ICDEBA 2024)
Series
Advances in Economics, Business and Management Research
Publication Date
24 February 2025
ISBN
978-94-6463-652-9
ISSN
2352-5428
DOI
10.2991/978-94-6463-652-9_29How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Zerui Li
PY  - 2025
DA  - 2025/02/24
TI  - A Study on Impact of Registration System Reform on IPO Pricing Efficiency
BT  - Proceedings of the International Workshop on Navigating the Digital Business Frontier for Sustainable Financial Innovation (ICDEBA 2024)
PB  - Atlantis Press
SP  - 285
EP  - 294
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-652-9_29
DO  - 10.2991/978-94-6463-652-9_29
ID  - Li2025
ER  -