Abstract: The important goal of comprehensively implementing the registration system reform is to improve the pricing efficiency of the capital market. Taking A-share IPO companies from 2010 to 2022 as research samples, this study explores the impact of supply chain relationships on IPO pricing efficiency and its mechanism. The empirical results indicate that supply chain concentration has reduced the efficiency of IPO pricing, which is manifested as the risk effect of supply chain relationships on IPO companies, while the registration system reform has effectively alleviated the negative relationship between the two. The mechanism test reveals that supply chain concentration can reduce IPO pricing efficiency by affecting the business prospects and information environment of IPO companies. Further research has found that the industry reputation of suppliers/customers and their geographical proximity can alleviate the negative relationship between the two. The low reputation underwriters and their participation in follow-up investment have intensified the negative relationship between the two. The intensification of supply chain concentration has led to an oversupply of IPO funds, suppressing the first day IPO burst. Therefore, the regulatory authorities should improve the supporting system for the registration system reform, strengthen the auditing inquiry of enterprises with higher supply chain concentration, improve IPO pricing efficiency, and ensure that the market plays a key role in resource allocation.

Key words: supply chain relationships, IPO pricing efficiency, registration system reform