| Since the official opening of the STAR Market in July 2019 and the trial registration system,to February 2023,the full implementation of the stock issuance registration system in each sector,the reform of China’s capital market has taken a crucial step.From the approval system to the registration system,the right of choice and decision-making will be fully returned to the market,which means that the future listing of enterprises will be more open and transparent,information disclosure will be more comprehensive and accurate,and the audit and supervision will be more efficient and standardized.IPO underpricing,as a key step of enterprise listing,not only determines the cost and efficiency of enterprise financing to a great extent,but also affects the decision of investors and the resource allocation and stable development of the whole capital market.Therefore,the issue of IPO underpricing has been widely concerned by the capital markets and academic fields of various countries for a long time.In the market has full voice under the registration system,STAR Market still has serious IPO underpricing phenomenon,due to the STAR Market listed companies generally have strong technology innovation attribute,in our country under the background of further comprehensive promotion registration system,research technology innovation attribute influence on IPO underpricing has important research value and practical significance.Based on the listed companies on STAR Market as the research object,in this paper,474 companies listed on the STAR Market from July 2019 to December 2022 are selected as research samples to study the impact of their science and technology innovation attributes on IPO underpricing.First of all,through combing and summarizing the existing research results,it is found that the main institutional factors,underwriter factors,information disclosure factors and emotional factors,and the research on science and innovation attributes focuses on enterprise value and stock pricing.Secondly,on the basis of the analysis and summary of the information asymmetry theory,the behavioral finance theory and the effective market theory theory,the research hypothesis of this paper is put forward.Through empirical analysis,it is proved that enterprises with strong science and technology innovation attributes are more likely to be sought after by investors,which significantly improves the IPO underpricing rate.Thirdly,through further analysis of the reputation,regional attribute and ownership attribute of the underwriter,it is found that when the underwriter has a high reputation,the enterprise belongs to the eastern region and a private enterprise,the technology innovation attribute has a more significant impact on the IPO underpricing of newly listed companies.Based on the above conclusion,in order to further improve the efficiency of STAR Market listed company IPO pricing,power registration system in the capital market in China,this paper puts forward play to the role of relevant government departments regulation,play to the role of listed company innovation information disclosure,play a role of third party professional valuation and play a role of brokers and investors in the IPO pricing countermeasures and Suggestions. |
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