Abstract
This study will explore the impact of the registration system on the stock market after China changed from the approval system to the registration system. Under the approval system, the government monopolizes the right to review stock listings in the approval system. Therefore, this situation not only easily creates the government's monopoly power but may also lead to companies over-packaging IPO application materials to increase the possibility of passing the review. This will cause the government to spend too much time and energy conducting substantive studies of corporate application materials, reducing work efficiency. Therefore, the registration system will be officially implemented in March 2023. The proposed research will investigate the issuance and distribution of new shares, changes in the price-earnings ratio, and changes in the latest lottery rate and yield, as well as the changes in the hairstyle system and how it performed after listing (industry, valuation, and average growth rate) to conduct a comprehensive analysis. Thus, the existing research results are used to propose the impact of the registration system on the Chinese stock market.
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