Analysis on the Influencing Factors of IPO Under-pricing on Sci-tech Innovation Board in China

Guojun Li

2021

Abstract

The IPO system innovation on the Sci-tech innovation Board has changed from the "approval system" to the "registration system", which is expected to reduce the degree of IPO under-pricing. This article uses multiple linear regression analysis to conduct an empirical analysis of the under-pricing of 70 Sci-tech innovation Board companies listed in 2019. The results show that the under-pricing rate of the Sci-tech innovation Board is significantly lower than that of the main board and the growth enterprise board. At the same time, factors such as the scale of fundraising, the listing time, the first-day turnover rate, the reputation of the sponsor, the issuance PE ratio, and the debt-to-asset ratio have an effect on IPO. Prices have varying degrees of impact. Finally, based on the results of the empirical analysis, relevant countermeasures such as insisting on and improving system innovation, normalization of new stock issuance, increasing the rate of successful online subscription and multi-dimensional improvement of the pricing power of sponsors, etc., are proposed, hoping to help my country improve the efficiency of the IPO market and reduce speculation so as to promoting the healthy development of capital market in China.

Paper Citation

in Harvard Style

Li G. (2021). Analysis on the Influencing Factors of IPO Under-pricing on Sci-tech Innovation Board in China. In Proceedings of the 1st International Conference on Public Management and Big Data Analysis - Volume 1: PMBDA, ISBN 978-989-758-589-0, pages 257-262. DOI: 10.5220/0011308500003437

in Bibtex Style

@conference{pmbda21,
author={Guojun Li},
title={Analysis on the Influencing Factors of IPO Under-pricing on Sci-tech Innovation Board in China},
booktitle={Proceedings of the 1st International Conference on Public Management and Big Data Analysis - Volume 1: PMBDA,},
year={2021},
pages={257-262},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0011308500003437},
isbn={978-989-758-589-0},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st International Conference on Public Management and Big Data Analysis - Volume 1: PMBDA,
TI - Analysis on the Influencing Factors of IPO Under-pricing on Sci-tech Innovation Board in China
SN - 978-989-758-589-0
AU - Li G.
PY - 2021
SP - 257
EP - 262
DO - 10.5220/0011308500003437