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Does a reduction of state control affect IPO underpricing? Evidence from the Chinese A-share market

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  • Hoque, Hafiz
  • Mu, Shaolong

Abstract

The Chinese government has reduced state control and introduced partial private-sector oversight in the IPO market. We find that the underpricing of IPOs is lower under the Sponsorship System compared to the Approval System and show that a move towards a more market-oriented system reduces underpricing. We further examine the certification hypothesis and information production hypothesis by the underwriters and find evidence in favor of both. Using CSRC approval times, we find that the impact of public supervision on mitigating IPO underpricing is relatively minor in terms of both statistical and economic significance. In summary, our results show that the reduction of state control increased the efficiency of the Chinese IPO market.

Suggested Citation

  • Hoque, Hafiz & Mu, Shaolong, 2021. "Does a reduction of state control affect IPO underpricing? Evidence from the Chinese A-share market," Journal of International Money and Finance, Elsevier, vol. 115(C).
    • Handle: RePEc:eee:jimfin:v:115:y:2021:i:c:s0261560621000334
    DOI: 10.1016/j.jimonfin.2021.102384
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    More about this item

    Keywords

    Private sector oversight; Sponsorship system; IPO underpricing; CSRC; Propensity score matching;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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