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The Sci-Tech Innovation Attributes (CSRC, 2020) of companies listed on the China’s Science and Technology Innovation Board (STAR Market) are one of the key factors that contribute to their emergence as a significant new force in the capital market. Based on this background, we select the IPO prospectuses of companies listed on the STAR Market between 2019 and 2021 as a sample to explore the relationship between the intensity of Sci-Tech Innovation Attributes disclosure in IPO prospectuses and the innovation performance of companies post-listing. The study finds that: (1) The greater the intensity of innovation attribute disclosure in the prospectus, the higher the innovation performance in the subsequent period, indicating that the disclosure of innovation attributes in the prospectus contains valuable information and provides incremental signals regarding the company’s future innovation; (2) Analyst coverage strengthens the positive correlation between the two phenomena. The findings of this study provide theoretical and empirical support for regulatory bodies to optimize information disclosure rules and guide the capital market in identifying and supporting high-potential technology companies.

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Disclosure of Science and Technology Innovation Attributes and Innovation Performance: Evidence from China’s STAR Market

  • 会议论文

  • 发表日期：

    2025年

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  • Hong Wang,
  • Jie Ma,
  • Zhenghan Li,
  • Tong Jing

摘要

The Sci-Tech Innovation Attributes (CSRC, 2020) of companies listed on the China’s Science and Technology Innovation Board (STAR Market) are one of the key factors that contribute to their emergence as a significant new force in the capital market. Based on this background, we select the IPO prospectuses of companies listed on the STAR Market between 2019 and 2021 as a sample to explore the relationship between the intensity of Sci-Tech Innovation Attributes disclosure in IPO prospectuses and the innovation performance of companies post-listing. The study finds that: (1) The greater the intensity of innovation attribute disclosure in the prospectus, the higher the innovation performance in the subsequent period, indicating that the disclosure of innovation attributes in the prospectus contains valuable information and provides incremental signals regarding the company’s future innovation; (2) Analyst coverage strengthens the positive correlation between the two phenomena. The findings of this study provide theoretical and empirical support for regulatory bodies to optimize information disclosure rules and guide the capital market in identifying and supporting high-potential technology companies.