Analysis of the influencing factors of IPO break under the background of registration system Reform: Evidence from China

Jiacheng Qin; Te Liang

doi:10.54691/bcpbm.v35i.3300

Authors

Jiacheng Qin
Te Liang

DOI:

https://doi.org/10.54691/bcpbm.v35i.3300

Keywords:

IPO; The first day of the market break; Turnover rate; A success rate; Registration system.

Abstract

This article mainly uses data from October 2009 to September 2022 of the gem board as research samples. Through empirical analysis to explore the implementation of the registration system’s influence on IPO first-day break probability, at the same time, will appear on the market after the former market sentiment, listing market sentiment, and other indicators on introducing the model studies the influence factors of IPO first-day break and effect mechanism. The results show that the implementation of the registration system can significantly improve the probability of IPO breaking on the first day of listing. The winning rate is significantly positively correlated with the probability of IPO breaking on the first day of listing. The turnover rate on the first day of listing is significantly negatively correlated with the probability of IPO breaking on the first day of listing. The turnover rate on the first day of listing has a mediating effect on the impact of the winning rate and the registration system on the IPO break.

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