Research On Influencing Factors Of Ipo Underpricing Of Listed Companies In Software And Information Technology Service Industry

Software and information technology service enterprises are mainly high-tech enterprises,and R &D expenditure requires a lot of funds.Many enterprises rely on IPO Financing to meet their capital needs for R &D and operation.However,the underpricing rate of most software and information technology service enterprises is relatively significant during IPO.In order for such enterprises to raise an ideal amount of funds during IPO,it is necessary to reduce the underpricing rate of IPO.Benefiting from policy support and complying with the background of the development of the times,the development prospect of software and information technology service industry is promising.More and more enterprises hope to obtain the funds needed for the further development of the company through IPO,but IPO underpricing will have an impact that cannot be ignored.Therefore,it is urgent and necessary to study the IPO underpricing of this industry.The study of IPO underpricing in software and information technology services can enrich the theory of securities market issue pricing and improve the transparency and efficiency of the securities market.At the same time,it is also conducive for such high-tech enterprises to raise sufficient funds through IPO to better support R&D and technological innovation.Therefore,the study of IPO underpricing in this industry in this paper has important theoretical and practical significance.This paper selects 134 software and information technology service companies listed on the main board,the growth enterprise market and the science and technology innovation board from January 1,2016 to November 30,2021 as samples for research.This paper first expounds the background and significance of the topic,then combs the relevant literature at home and abroad from two aspects: the role and characteristics of software and information technology service industry,the phenomenon of IPO Underpricing and influencing factors,and determines the main research content and research methods of this paper on the basis of the literature;Secondly,it defines the related concepts such as IPO underpricing,and expounds the theoretical basis of this paper;Thirdly,combined with the characteristics of this industry,which attaches importance to R &D investment and generally enjoys tax incentives,this paper analyzes the factors affecting IPO underpricing in this industry,and puts forward three explanatory variables: R &D rate,tax incentives and manager overconfidence.The media attention is taken as the adjusting variable,and the control variables such as company size,return on net assets and actual issuance cost per share are appropriately added;The empirical research results show that there is an obvious IPO underpricing phenomenon in the software and information technology service industry.The explanatory variables that affect the IPO underpricing rate of the industry include tax incentives and managers’ overconfidence.Media attention can alleviate the impact of managers’ overconfidence on the IPO underpricing rate of software and information technology service companies,and significant control variables include return on net assets.Relevant research conclusions are drawn.The article finally draws the following conclusions: the software and information technology service companies with low tax preference income and low degree of Manager Overconfidence may have a higher IPO underpricing rate.Media attention can alleviate the impact of Manager Overconfidence on the IPO underpricing rate of software and information technology service companies.In addition,when the listed companies in the software and information technology service industry are state-owned enterprises,and the larger the size of the company,the higher the return on net assets,and the better the market situation one month before listing,the higher the underpricing rate of the stocks in the industry;The longer the company is established and the more funds are actually raised in the initial public offering,the lower the underpricing rate of stocks in the industry.According to the research conclusion,the paper puts forward some suggestions: China needs to continue to promote the reform of new share issuance system,improve the information disclosure system of Listed Companies in software and information technology service industry,and cultivate the rational investment concept of investors in this industry.