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

Daheng Hu ()
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Daheng Hu: Macquarie University, Business School

A chapter in Proceedings of 2024 6th International Conference on Economic Management and Cultural Industry (ICEMCI 2024), 2025, pp 4-13 from Springer

Abstract: 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.

Keywords: Information disclosure; IPO Discount; Business risk; Financial risk (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-642-0_2

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DOI: 10.2991/978-94-6463-642-0_2

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