Research On The Influence Of Managerial Ability On IPO Underpricing Of Listed Companies On The Science And Innovation Board

As an important part of China’s multi-level capital market,the Science and Technology Innovation Board not only provides financial support for high-tech enterprises,but also bears the burden of promoting the progress of scientific and technological innovation and leading high-quality economic development.However,in the context of the pilot registration system,the overall underpricing rate of the Science and Technology Innovation Board remains high.This phenomenon not only fuels speculative bubbles,impairs the market capital allocation function,and hinders the sustainable development of the Science and Technology Innovation Board;it also leads to insufficient financing for high-tech enterprises,financial constraints on their innovation capabilities,and a decline in their core competitiveness.In order to solve this problem,many scholars have discussed the influence of external factors such as issuance system and investor behavior on underpricing,but few studies have paid attention to the relationship between internal management and underpricing.Therefore,this paper focuses on analyzing the internal mechanism of managerial ability to influence IPO underpricing.In this study,we select a sample of firms listed on the Science and Technology Innovation Board from 2019 to 2020.On the basis of the literature related to managerial ability,R&D investment,profitability and IPO underpricing,we combine the information asymmetry theory,the upper echelons theory,the lead underwriter reputation theory,the Principal-agent Theory,and the Signaling theory to construct a mediated moderation model.And we use Stata 14.0 to empirically analyze the relevant data,and explore the influence of managerial ability on IPO underpricing,the mediating role of R&D investment and profitability,and the moderating role of lead underwriters’ reputation.The empirical evidence finds that:(1)The managerial ability is negatively related to IPO underpricing;(2)The R&D investment and profitability play partly mediating roles in the process of managerial ability influencing IPO underpricing;(3)The reputation of the lead underwriter can significantly weaken the positive relationship between the R&D investment and IPO underpricing,and significantly weaken the negative relationship between the profitability and IPO underpricing.Based on the above results,this study puts forward countermeasures and suggestions from the aspects of improving the management’s employment and training mechanism,optimizing the management’s incentive mechanism,promoting the comprehensive,continuous,classified and specific disclosure of R&D information,and attaching importance to the talent training of underwriting institutions,which are conducive to improving market efficiency and promoting the sustainable development of the Science and Technology Innovation Board.The contributions of this paper are: in the theoretical aspect,it enriches the research results on the mechanism of IPO underpricing,and deepens the understanding of the relationship between managerial ability and IPO underpricing in academia;in the practical aspect,it provides reference for promoting the management construction of listed companies and promoting the development of multi-level capital market.