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注册制改革对IPO抑价的影响——来自创业板的证据 - 中国知网
Source: kns.cnki.net
Article summary:
1. Using a multiple regression model, this study examines the impact of the registration system reform on the underpricing and short-term returns of new stocks on the Growth Enterprise Market (GEM).
2. The results show that the release of the registration system reform dividend and investor speculation have significantly increased first-day IPO underpricing.
3. The implementation of the registration system reform has accelerated the return of new stock value, as evidenced by a significant decrease in pre-5 trading day underpricing and short-term returns.
Article analysis:
This article is generally reliable and trustworthy. It provides an empirical analysis to examine the impact of registration system reform on IPO underpricing and short-term returns from GEM stocks between October 30th 2009 to March 31st 2021. The authors use a multiple regression model to analyze their data, which is appropriate for this type of research. Furthermore, they provide robustness tests by substituting pre-5 trading day underpricing for first-day IPO underpricing.
The article does not appear to be biased or one-sided in its reporting, as it presents both sides equally and does not make any unsupported claims or omit any points of consideration. Additionally, it provides evidence for its claims made throughout the article, such as citing relevant studies and providing statistical analysis from their own research. There are no promotional contents present in this article either, nor does it appear to be partial in any way. Possible risks are noted throughout the article as well, such as noting that while there was no suppression of investor “speculation” behavior due to reforms, investors were more focused on risk/reward ratios when investing which led to more rational investment decisions overall.
In conclusion, this article is reliable and trustworthy with no apparent biases or one-sided reporting present within it.