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The Sci-Tech Innovation Board of IPO Discount and Information Disclosure

In: Proceedings of 2024 6th International Conference on Economic Management and Cultural Industry (ICEMCI 2024)

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  • Daheng Hu

    (Macquarie University, Business School)

Abstract

The pilot registration system and listing system implemented by the Sci-Tech Innovation Board (STIB) will help high-tech companies improve the quality of investment. It is significant to study the quality of disclosure of IPOs on the STIB. This paper analyzes whether the increase in risk disclosure under the registration system of the Sci-Tech Innovation Board reduces the IPO discount by examining the IPO discount, and then analyzes the disclosure of the STIB and market effectiveness. The results show a U-shaped relationship between business risk disclosure indicators and IPO discounts. When the amount of operating risk information disclosure increases, the IPO discount first decreases and then increases. The conclusions of this paper remain robust after removing outliers and replacing the way indicator is calculated.

Suggested Citation

  • Daheng Hu, 2025. "The Sci-Tech Innovation Board of IPO Discount and Information Disclosure," Advances in Economics, Business and Management Research, in: Hang Luo & Tang Yao & Wei Cui & Hongbo Li (ed.), Proceedings of 2024 6th International Conference on Economic Management and Cultural Industry (ICEMCI 2024), pages 4-13, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-642-0_2
    DOI: 10.2991/978-94-6463-642-0_2
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