Registration system reform and initial public offering ownership preference:Evidence from China

作     者：Xihao Wu Di Zhang Zhongxin Wu 

作者机构：International Business SchoolHainan UniversityChina 

出 版 物：《China Journal of Accounting Research》 (中国会计学刊（英文版）)

年 卷 期：2024年第17卷第1期

页      面：74-95页

学科分类：050302[文学-传播学] 12[管理学] 02[经济学] 0202[经济学-应用经济学] 1202[管理学-工商管理] 05[文学] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学（含∶保险学）] 0503[文学-新闻传播学] 

基　　金：support from the Natural Science Foundation of China(72062012) the Natural Science Foundation of Hainan Province(722RC636) Hainan Province Doctoral Students Innovative Scientific Research Project(Qhyb2022-25) Key Research Project on Higher Education and Teaching Reform in Hainan Province(Hnjg2023ZD-2) Key Subject of Education and Teaching Reform in Hainan University(hdyj2303) 

主　　题：Registration system reform Administrative intervention Approval system IPO ownership preference 

摘      要：Whether registration system reform(RSR)can curb administrative intervention and create a fair market environment has long been a concern in *** explore this issue from the perspective of the initial public offering(IPO)preference based on the entropy balancing method,and findings are as ***,an IPO ownership preference exists under approval *** is,state-owned enterprises(SOEs)are more likely than private enterprises to obtain IPO ***,RSR significantly changes this preference,especially for non-politically connected private ***,the post-IPO market performance of SOEs is inferior to that of private enterprises under approval system,thus excluding the view that approval is prioritized for SOEs because of superior ***,compared with SOEs,private enterprises are more likely to switch the issuance system from approval system to registration system;this change makes it easier for them to obtain IPO approval,indicating that private enterprise owners perceive the registration channel to be ***,the effect of RSR on IPO ownership preference mainly occurs in companies in three major urban agglomerations in China—the Pearl River Delta,the Yangtze River Delta,and the Beijing–Tian jin–Hebei region—and in technology-intensive ***,our findings reveal that RSR cultivates a fairer IPO approval process.