A Research on IPO Pricing Efficiency under the Approval System and Registration System

Abstract

This article examines China’s evolving stock issuance system within its market-oriented economy, particularly focusing on the transition from the approval system to the registration system. The study evaluates the efficiency of Initial Public Offering (IPO) pricing under incomplete games, identifying high risks and uncertainties in the process. By analyzing 31 selected articles, the research categorizes IPO pricing efficiency based on the timeline of system transformation and explores three key influencing factors: macro-environmental factors, information factors, and role behavioral factors. The findings reveal minimal differences in the study of IPO pricing efficiency under different time intervals in the Chinese capital market. Moreover, the shift from the approval system to the registration system has positively impacted information disclosure, transmission speed, freedom, and individual responsibility in China’s capital market. The article concludes with a summary of the organized content and suggests future research directions, emphasizing the importance of continuous guidance and optimization for resource allocation in China’s capital market to foster healthy and stable development.