Registration System of Science and Technology Innovation Board, R&D“Window Dressing” and IPO Pricing Efficiency

Abstract

Abstract: The new shares issuing on the Science and Technology Innovation Board shall be registered, which emphasizes the review of research and development of the companies to be listed. In order to be succeeded in the listing, the scientific and creative enterprises will try to“window dress”their R&D in the situation of information asymmetry. Taking the listed companies on the Science and Technology Innovation Board from 2019 to 2021 as research samples, this paper conducts an empirical analysis of whether the listed companies on the science and technology innovation board would “window dress”their R&D in order to be listed and the impact of the“window dressing”on IPO pricing efficiency. The findings show that the listed companies on the science and technology innovation board have R&D“window dressing”behavior. Further research shows that R&D“window dressing”has raised the passing rate of listing applications and reduced the efficiency of IPO pricing. Therefore, under the background of the comprehensive registration system reform, it is necessary to strengthen the check of the research and development indicators and put an end to R&D“window dressing”behavior, especially to raise the auditing standards of science and technology innovation attribute of the enterprises which apply for listing on the science and technology board, so as to improve the R&D level of listed companies, and promote the high-quality development of enterprises.

Key words: science and technology innovation board, R&D“window dressing”, IPO pricing efficiency

CLC Number:

F275.5

ZUO Xuan, ZHANG Wei-dong. Registration System of Science and Technology Innovation Board, R&D“Window Dressing” and IPO Pricing Efficiency[J]. Contemporary Finance & Economics, 2023, 0(9): 135-146.

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