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

DOI

10.2991/978-94-6463-642-0_2How to use a DOI?

Keywords

Information disclosure; IPO Discount; Business risk; Financial risk

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.

Copyright

© 2025 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Daheng Hu
PY  - 2025
DA  - 2025/01/24
TI  - The Sci-Tech Innovation Board of IPO Discount and Information Disclosure
BT  - Proceedings of 2024 6th International Conference on Economic Management and Cultural Industry (ICEMCI 2024)
PB  - Atlantis Press
SP  - 4
EP  - 13
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-642-0_2
DO  - 10.2991/978-94-6463-642-0_2
ID  - Hu2025
ER  -