Empirical Study On IPO Pricing Efficiency Under The Registration System Of Science And Technology Innovation Board

As a newly established stock market in China,the Science and Technology Innovation Board has been established for more than three years.It not only provides a new financing platform for enterprises,but also is a "test field" for the first time to pilot the registration system of new shares issuing system.Its more inclusive listing system,more market-oriented pricing system and other aspects show more mature and international characteristics.The important significance of registration and production is to return the dominant right of new share pricing to the market and give full play to the resource allocation function of the market.Under the background of the registration system,the Science and Innovation Board for the first time implemented the pricing path of new share issue through inquiry,released the original price-earnings ratio constraints,improved the proportion of institutional investors in placing and other institutional innovations,and intended to improve the fairness and marketization of new share issue pricing.In this paper,samples of the implementation of registration system of science and technology innovation board companies are selected to measure IPO efficiency,and samples of listed companies on the GEM board after the reform of the registration system is implemented in 2020 are selected as controls,and a stochastic frontier analysis model is constructed to measure specific IPO pricing efficiency.On this basis,this paper also takes the pricing efficiency of the listed enterprises on the Science and Innovation Board as the explained variable,and analyzes the influence of the reform factors of the science and innovation board system on the IPO pricing efficiency through the multiple linear regression model,such as the profit state of the listed enterprises,the initial inquiry divergence degree,and the proportion of strategic allocation.The empirical results show that:(1)IPO pricing efficiency under the registration system of Science and Technology innovation board is 70.96%,lower than that of GEM.The overall pricing level is underestimated,and the average underpricing degree is 29.04%.This shows that the IPO pricing efficiency of the registration system of science and technology innovation board is lower than expected.(2)In terms of the factors affecting the IPO pricing efficiency of the Science and Innovation board registration system,allowing unprofitable companies that meet certain conditions to go public is an important factor reducing the pricing efficiency of the Science and Innovation board.At the same time,the initial inquiry divergence and strategic allocation ratio will also reduce pricing efficiency.(3)In the Science and Innovation Board,the reputation of the lead underwriter plays a moderating role in the influence of the profit status of the listed company on the IPO pricing efficiency,and the influence of whether the lead underwriter is listed without profit when the reputation is good on the IPO pricing efficiency will be weakened.This paper reveals the specific situation and influencing factors of IPO pricing efficiency of the Science and Technology innovation board registration system.The research conclusion has certain significance for Chinese capital market to improve information disclosure system,improve IPO pricing efficiency and draw closer to more mature capital market.