关键词: IPO, 首次公开发行, 市场化改革, 注册制

Abstract: Based on three main lines of IPO reform, this paper discusses the consensus and differences of IPO market-oriented reform from the perspectives of institutional changes and literature review. The main findings are as follows: First, the progressive IPO market-oriented reforms implemented in China in the past have been generally successful.Second, in recent years, the reform of the registration system has been slow; at the same time, the issue of the approval system has become increasingly prominent. Third, the regulators are still indecisive about the market-oriented reform of pricing, but the literature have reached consensus that the disadvantages of pricing control outweigh advantages. Fourth, companies cannot dominate the timing of their own IPO, which leads to the damage of some companies' fundamentals and the escaping of a large number of high-quality companies to overseas markets. Based on these findings, this paper argues that in order to promote the healthy development of the capital market, there is an urgent need to promote IPO market-oriented reforms in a rapid and all-round manner.

Key words: IPO, initial public offerings, market-based reform, registration system