Influence and Countermeasures of Pricing Information Asymmetry of Companies Listed on Science and Technology Innovation Board

Abstract

As an important measure of China's capital market reform, the Science and Technology Innovation Board is an important pilot of the registration system reform and a new platform to serve the national strategy and technological innovation. The issuance pricing system of the Science and Technology Innovation Board has the characteristics of high returns and high risks, and the asymmetry of pricing information is one of the important reasons affecting the valuation level of companies listed on the Science and Technology Innovation Board. The article starts with the asymmetry of issuance pricing information of listed companies on the Science and Technology Innovation Board, and through empirical analysis, it is found that the degree of asymmetry in the pricing information of enterprises on the Science and Technology Innovation Board is relatively high, which leads to low issuance prices. Further research found that the impact of pricing information asymmetry on companies listed on the Science and Technology Innovation Board is mainly reflected in two aspects: corporate governance and governance capabilities. Based on the impact of pricing information asymmetry, this article puts forward corresponding countermeasures and suggestions, hoping to provide reference for the construction of the science and technology innovation board market and investor risk management. Through empirical analysis, it is found that the countermeasure of "improving investor suitability management" can reduce the information asymmetry to an average of 43.72%.