Research On The Influence Of The Co-investment System On Secondary Market Premium Of Listed Companies Under The Registration System Of Science And Technology Innovation Board

After the establishment and implementation of the registration system of the Science and Technology Innovation Board in 2019,China’s IPO pricing continues to move toward the market.Under the registration system of science and technology innovation board,the sponsor co-investment system and the attribute of scientific innovation of enterprises are the significant characteristics.In order to study the IPO premium of listed companies under the registration system in this sector and provide experience for the implementation of registration system in other sectors,this paper takes the co-investment system as the core and explores its specific influence mechanism on IPO premium.This paper firstly reviews the literature from the following four aspects: IPO pricing research,co-investment system,proportion of R&D investment and heterogeneous belief.Then,by expanding the IPO market general equilibrium model in related studies,it adds investors’ grasp of information to better explain IPO pricing under the science and innovation board.Then,this paper selects IPO data of listed companies on the Science and Technology Innovation Board from the establishment of the board to the end of 2021 to empirically test the theoretical hypothesis.The results show that the actual co-investment ratio of sponsor institutions has an impact on IPO premium with IPO price and investors’ heterogeneous beliefs as the mediator variables,the higher the follow-through ratio,the lower the IPO price,and the higher the investors’ heterogeneous beliefs,the higher the IPO premium.The company’s scientific innovation attribute plays a positive moderating role in the influence of the ratio of investment to investors’ heterogeneous beliefs;As time goes on,the effect of the ratio of investment to IPO secondary market premium is weaker,the secondary market premium will slowly fall.Furthermore,after considering the subjective will of sponsor institutions,the co-investment will only affect the secondary market premium through the heterogeneous belief of investors as a mediator variable.Based on the above results,this paper puts forward four suggestions: setting up flexible co-investment system to accurately convey the company’s willingness of co-investment,setting up diversified scientific innovation attribute indexes,extending the co-investment system to other sectors and paying attention to the professional quality of investors.