Abstract: In the context of the overall registration system, the review and inquiry letter of the science and technology innovation board requires the companies applying for listing to respond to the media questions, what will be the effect? Taking the companies listed on the science and technology innovation board as the research objects, this paper conducts an empirical study of the impact of responding to the media questions required by the review and inquiry letters on the efficiency of IPO pricing from the perspective of information disclosure. The findings show that the requirement to respond to media questions in the review and inquiry letters can significantly improve the IPO pricing efficiency, and the more detailed the responding content, the higher the degree of improvement. To respond to the media questions can improve the quality of information disclosure, thereby improve the efficiency of IPO pricing. The results of further study show that the R&D expenses, operation income and operating cost indicators in the response content have a more significant impact on the IPO pricing efficiency, and that to respond to the questions of the central media can better improve the efficiency of IPO pricing.

Key words: review and inquiry, information disclosure updates, respond to media questions, IPO pricing efficiency