IPO Pricing Efficiency Analysis of High-tech SMEs from Messaging Perspective

Over the years, the inefficiency of the ITO(Initial Public Offer)pricing in China has greatly affected the interests of investors and financing function of securities market. The transmission of information is the key to the efficiency of IPO pricing, this paper builds an analysis framework of the efficiency of IPO pricing from the perspective of messaging. A sample of the High-tech enterprises of SME board in Shenzhen is used to study the level of IPO pricing and the influencing factors. The research provides empirical basis for the improvement of IPO pricing of High-tech SMEs (Small and Medium Sized Enterprises).