| Since the establishment of the securities market,the development of China’s socialist market economy has benefited from this and has received tremendous opportunities for reform and development.The Chinese stock market has raised huge amounts of funds for various aspects of the country’s construction.A thick stroke.On November 5,2018,President Xi Jinping announced the establishment of a science and technology board and a pilot registration system at the opening ceremony of the first China International Import Expo.The establishment of the science and technology board is not only a new attempt of the securities market,but also broke many original regulations.The effective operation of the science and technology board’s new share issuance and pricing market is of great significance to the entire securities market.Many domestic and foreign scholars have conducted in-depth research and exploration of the IPO market.How to determine the effectiveness of IPO pricing is not consistent in different literatures,but a more consistent view is that from an external perspective,the efficiency of IPO pricing can be judged by the level of underpricing on the first day If the underpricing rate is too high,it means that the pricing does not reflect the intrinsic real value of the listed company and the pricing efficiency is low.This article selects 66 companies listed on the science and technology board as of the end of December 2019 to analyze the pricing level,find out the influencing factors of the new stock underpricing of the science and technology board,and use the new stock underpricing rate as the entry point to conduct a series of Hypothesis and regression analysis provide some reference for the science and technology board and the main board market to improve the pricing system,the new stock issuance system,and the regulatory system,and contribute to the better development and construction of China’s securities market. |
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