The scoring index of R&D information disclosure is constructed by reading and scoring the prospectus manually, in order to explain the impact of R&D information disclosure on the pricing efficiency of IPO from 2 dimensions: the pricing efficiency of primary market and IPO underpricing. By using 459 IPO samples of Growth Enterprise Market from 2012 to 2018, the results of the two-tier stochastic frontier model show that: In the primary market, the issue price is obviously high, and the disclosure of R&D information improves the pricing efficiency of the primary market; After the listing, the R&D information disclosure is not significantly related to IPO underpricing rate, which shows that most investors in China's secondary market do not have professional knowledge to make reasonable use of the R&D information, and can not make effective use of the R&D information disclosed in the prospectus. The conclusion provides theoretical support for the regulatory authorities to improve the R&D information disclosure system and cultivate rational investors.