Research On The Influence Of R&D Innovation On IPO Underpricing Of Science And Technology Innovation Board

With the continuous maturity and improvement of China’s capital market,more and more high-tech industries are growing rapidly,and the rapid development of hightech industries is stimulating the expanding financing demand of the capital market.In early November 2018,our country put forward the concept of "Science and innovation board",and it began to be formally put into operation in June 2019.The introduction of the new concept of Science and innovation board market is of great value to the national strategic layout and the development of high and new technology.especially in some big data,new energy,semiconductor science and other fields are very favored by the capital market.Since the opening of the board three years ago,the size of the science and innovation board market has gradually expanded,and the overall situation is increasingly upward.However,there are also some problems,such as financial fraud,insider trading and other violations,which run counter to the original intention of the development of the science and technology innovation board market.IPO underpricing phenomenon occurs to a certain extent.IPO underpricing phenomenon mainly refers to the stock price fluctuation in the primary and secondary markets of securities issuance.The issue price of the stock is much lower than the closing price of the stock,which will lead to some unstable factors,and these factors are common in the capital market.Based on this phenomenon,this paper mainly selects the listed companies on the Science and Innovation Board from 2019 to 2021,and takes these companies as examples to study the IPO underpricing phenomenon of Science and innovation board enterprises on the basis of theories such as information asymmetry.This study carried out theoretical research on the pricing and issuance mechanism of the Science and Innovation Board.Based on the theory of information asymmetry,behavioral finance and other theories,155 listed companies on the Science and innovation Board were taken as samples for theoretical and empirical research.According to the results of empirical analysis,the research results of this paper show that there is a inhibitory effect between the R&D innovation input of listed companies on the Science and innovation Board and the IPO underpricing rate.When other conditions are given,business performance will enhance the inhibitory effect of R&D investment on IPO underpricing rate to a certain extent.In view of the research conclusions,this paper also puts forward suggestions on the operation of the Science and Innovation Board listed enterprises in the capital market.The market valuation of the science and Innovation Board listed companies needs the main body of the capital market to pay attention to its own research and development investment and other factors,to carefully study and analyze the fundamentals of the listed companies,to respond to the development of science and innovation board companies with a scientific attitude,and to constantly improve the release benefits of issuers.In this paper,the study of IPO underpricing phenomenon of listed companies on the Science and Technology Innovation Board is helpful to enrich relevant theories and promote and guide investors to continuously improve the level of investment.