| At the beginning of the birth of Chinese stock market,the important task was to solve the financing of state-owned enterprises.However,the financial threshold and corporate governance requirements for listing companies in Chinese stock market were relatively simple and lack of diversified and inclusive listing standards which does not similar to overseas market.Only performance pricing has interfered technological innovation companies from being listed on the A-share market,which induced 2 disadvantages for innovation market.One is not conducive to the formation of a demonstration and leading effect in the domestic technological innovation industry.Another is the lack of development support for technological innovation,especially basic technological innovation,making Chinese important technological innovation in the relatively weak position compared with other countries.In order to break through the current situation of the existing capital market has insufficient ability to serve scientific and technological innovation,In November 5,2018,General Secretary Xi Jinping announced the establishment of the Science and Technology Innovation Board and the pilot registration system,and emphasized that the Science and Technology Innovation Board aims to enhance the capabilities of serving science and technology innovation enterprises.On July 22,2020,the Science and Technology Innovation Board ushered in the first batch of 25 listed companies.As of December 31,2020,a total of 215 companies have been listed on the Science and Technology Innovation Board,mainly in the software,information technology service industry,as well as the computer,communications and other electronic equipment manufacturing industries,and most of them are leading enterprises in subdivision fields with high technological contents or attributes.Letting scientific and technological innovation develop the “system of flowers”and supporting the development of “hard technology” are the test criteria for the success of the IPO registration system reform on the Science and Technology Innovation Board.Thus,how effective is the Sci-tech Innovation Board in supporting enterprise innovation? Does it conform to the original intention of the system design and the positioning of the science and technology innovation board?To answer the above questions,this article takes corporate innovative stock pricing as an entry point.Classical financial theory believes that stock pricing depends on the market's expectations of the company's future operations.Moreover,this expectation is based on the company's historical performance and future growth information.With the continuous development of the stock market,the role of historical performance and growth information in stock pricing has also changed accordingly.For high-tech companies,historical performance has basically no impact on the pricing of new shares,and loss-making companies can even obtain higher stock pricing.In modern financial market,growth information plays an increasingly important role in stock pricing,and corporate innovation information is one of the most important growth information.Investors will use corporate innovation information as the key basis for stock pricing.At present,the research literature on the innovation of Chinese enterprises mainly focuses on the determinants of innovation investment,the impact of the innovation system on the environment,as well as the evaluation of innovation strategies and their economic consequences,rarely involving innovation and the securities market.Meanwhile,the research on the Sci-tech Innovation Board is mainly based on financial media reports,with lack of literature in describing the evaluation of the position of the SciTech Innovation Board systematically and comprehensively.The research in this article firstly provides empirical evidence for whether corporations' innovative information can guide the allocation of resources in the primary and secondary markets through stock pricing,which will help to summarize the stock market constraints and challenges that currently confronted in the Chinese economic structure;Secondly,the research is to help rule-makers,institutional investors,intermediaries and other market participants to reflect the system prerequisites of the value relevance of the innovative information of emerging market companies,and the suitable stock pricing model for A-shares;Thirdly,this research is trying to provide inspirations and references for the institutional reform of Chinese NEEQ.The Sci-tech Innovation Board not only plays the function of the "test ground" for capital market reforms,but also leads the future development direction of the overall system reform for the main board(small and medium-sized enterprises board),the Chi Next board and the NEEQ.Otherwise,supporting enterprises innovation is a systematic project.This paper studies the impact of enterprise innovation on stock pricing from the perspective of three innovative arrangements under the IPO registration system in STAR board: market-oriented issuance system,brokerage follow-up investment system and trading system.In this paper,R&D expenditure and the number of patents are selected as the measurement indicators of enterprise innovation,P/E ratio and pricing premium rate of IPO are taken as the measurement indicators of stock issuance pricing,and the first-day underpricing rate and stock liquidity are focused on the pricing indicators obtained from the trading process of stock secondary market.The following aspects of this paper ensure the accuracy of the research conclusions.First,we selected GEM companies with similar characteristics to science and technology innovation board enterprises,which are listed under the approval system and registration system respectively.Secondly,the measurement of stock pricing includes not only the information obtained directly from the issue price of the primary market,but also the information obtained from the trading process of the secondary market,thus comprehensively studying the nature of stock price;Thirdly,this paper studies the influences of the characteristics of enterprises and the securities firms' investment on the pricing of stock issuance,and describes in detail the heterogeneous effects of innovative activities of enterprises with different characteristics on stock pricing.There are seven chapters in this paper,and the main contents of each chapter are arranged as follows:The first chapter introduces the research background,research significance,basic concepts,research problems and research ideas,research framework and methods,possible innovations and shortcomings.The second chapter systematically combs the relevant theoretical basis and literature.This chapter sorts out the literature from the perspectives of basic theory,enterprise innovation related literature,stock pricing influencing factors and so on,and finally makes a literature review.The third chapter introduces the institutional background and analytical framework of stock pricing in science and technology enterprises.This chapter introduces the institutional background of stock pricing of American technology enterprises,the background and practice of the pilot IPO registration system in science and technology innovation board,and the theoretical analysis framework of the impact of enterprise innovation on stock pricing under the IPO registration system in STAR board.The fourth chapter studies the influence of enterprise innovation in science and technology innovation board on the pricing of stock primary market.This paper finds that the more R&D and innovation a company has,the higher the stock issue price.And this effect is stronger in companies with low financing constraints,low shareholding ratio of major shareholders and high shareholding ratio of institutional investors.At the same time,compared with the approval system,IPO registration system can better support enterprise innovation and reflect the direct pricing effect on enterprise innovation.The pricing effect of innovation in science and technology innovation board is better than that of GEM.There are two dimensions: on the one hand,by examining the pricing effect of GEM enterprise innovation under the restriction of non-issue P/E ratio from 2009 to 2010,this paper finds that the single financial performance threshold requirement under the approval system,the lack of diversification and flexibility arrangement make it difficult to effectively price enterprise innovation.Under the approval system,there is no significant positive correlation between the level of R&D innovation before listing and the pricing of stock issuance;On the other hand,by comparing the innovation support effect of GEM and science and technology innovation board,which have implemented the registration system since August 24,2020,it is found that although the innovation of GEM and science and technology innovation board will significantly improve the P/E ratio of securities issuance,this effect is more obvious among science and technology innovation board enterprises.The fifth chapter studies the influence of brokerage follow-up investment mechanism on the pricing of innovative stocks in the primary market of science and technology innovation board enterprises.By constructing the interactive item between brokerage investment and R&D expenditure,this paper examines the regulatory effect of brokerage investment on enterprise innovation and stock pricing.The results show that the higher the ratio of brokerage to investment,the stronger the effect of enterprise innovation to improve the P/E ratio of stock issuance price,and the effect is highly related to brokerage reputation and underwriting with or without local relationship.In addition,as the passive receiver of the issue price,the securities firm's follow-up investment has a different pricing effect on enterprise innovation from other institutional investors,and has not yet shown the substitution or complementary effect with the internal mechanism of the enterprise.The sixth chapter studies the impact of enterprise innovation on stock pricing in science and technology innovation board by using the data of secondary stock market.The research shows that the high underpricing rate on the first day,which is widespread in the world,has not been alleviated in China's A-share market due to the market-oriented issuance in science and technology innovation board.The more innovative an enterprise is,the higher the closing price on the first day exceeds the issue price,which is related to the investor enthusiasm,stock supply and market chips in science and technology innovation board in the short term.With the release of investor sentiment and the balance of power between buyers and sellers,the pricing power of stock market gradually appears,which shows that there is a positive correlation between enterprise innovation and stock liquidity in science and technology innovation board.In-depth analysis shows that the internal characteristics of enterprises,such as financing constraints and large shareholders' shareholding,will affect the innovative stock pricing of enterprises in science and technology innovation board.In contrast,the innovation of GEM companies has no significant impact on the first day underpricing rate and stock liquidity.The seventh chapter summarizes the research conclusions of the full text,and obtains some policy suggestions.Whether enterprise innovation can guide resource allocation through stock pricing is the key to the realization of national innovationdriven strategy.Unlike the pricing model of mature capital market,which is determined by the market spontaneously,the pricing model of China's stock market is undergoing a change from regulatory pricing to market pricing.This is closely related to the early top-down development path,investor structure and trading inertia of China's stock market.Empirical analysis shows that market-oriented issuance can promote innovative stock pricing of enterprises in science and technology innovation board,but high valuation in science and technology innovation board will weaken the effect of stock pricing and affect market clearing.Whether the pricing model of mature market is suitable for China's market and how to adjust it accordingly is the key to guide resources to scientific and technological innovation.The possible innovations of this article are embodied in the following aspects:The first innovation in this paper is the innovation of research objects.After the launch of the Sci-tech Innovation Board,there are not many papers using the Sci-tech Innovation Board as the analysis object in research,thus,the research coverage is relatively small.The information of Sci-tech innovation board is mainly reported by the financial media.So,the academy papers even have less comprehensive,systematic and all-round evaluation from the perspective of the positioning of the science and technology innovation board.Based on those points that we mentioned before,the research in this paper conducts a comprehensive and systematic study on the impact of corporate innovation on stock pricing under the IPO registration system of the Science and Technology Innovation Board,starting from the classic market micro-conclusion theory,efficient market hypothesis theory,principal-agent theory and signal theory.The second innovation in this paper is the innovation of research perspective.Unlike most of the previous literature that solely studies the influencing factors of enterprise innovation,this article starts from the background of my country's unique capital market system,and analyzes the original intention of the establishment of the science and technology innovation board to serve the improvement of scientific and technological innovation capabilities and other current status as well as the series of supervision of the IPO registration system of the science and technology board.Based on those essential information this paper included,our research has split the “IPO registration system” series of systems into three perspectives that affect stock pricing which include “market-oriented issuance”?“securities followup investment” and “trading system”.This paper also discussed the impact mechanism and results of the innovation of sci-tech innovation board enterprises on stock pricing from these three perspectives.The third innovation is the innovation of research design.In the one hand,In order to systematically evaluate the supporting effect of the IPO registration system on the Sci-tech Innovation Board on corporate innovation,this paper selects the IPO listed companies on the Chi Next Board with no issuance P/E ratio from 2009 to2010 as the matching sample to test the registration system compared with the system of approval system;On the other hand,a horizontal comparison between the Chi Next and the Sci-tech Innovation Board,which are both registered starting from August 24,2020,will test the innovation support advantages of the Sci-tech Innovation Board compared to the Chi Next;At the same time,based on the comparison between the relevant horizontal and vertical dimensions of the sector and the issuance system,this article cleverly crosses and integrates the classification tests of different types of patents,carries out a multi-dimensional empirical analysis,and reasonably guarantees the reliability and robustness of the research conclusions. |
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