The Impact of Full Registration System on IPO Pricing Efficiency

Registration system is an important measure of capital marketization reform in China, which has a significant impact on IPO pricing efficiency. Based on the change of main board from approval system to registration system, we find that registration system can significantly reduce IPO underpricing rate and improve IPO pricing efficiency. The registration system has a moderating effect on the level of information disclosure and the pricing utility of intermediaries. The results show that the registration system reform is conducive to alleviating the problem of high IPO underpricing rate in China's capital market Registration system, improve the capital market resource allocation ability has accumulated certain experience.