The phenomenon of high first-day income and high break-up rate in China's capital market has long attracted the attention of investors. Based on the disagreement model, in combination with the information asymmetry theory and behavioral finance, a mathematical model was put forward to analyze the reasons and mechanisms for the excess return of the initial public offering (IPO) on the first-day under the influence of investors' sentiments. The analysis shows that the IPO first-day income is a function of the disagreement between investors, which generally presents an asymmetric U shape. Information asymmetry affects the degree of valuation deviation. The sentiment of investors reflects the psychological state of the investor at the time, which makes the income increase or decrease under the influence of investor sentiment and market sentiment. In turn, it leads to the emergence of excess returns or break-up rates on the first-day. The research results help deepen the understanding of the IPO pricing mechanism and explore the impact of investor psychology on its pricing, putting forward suggestions for the issue pricing mechanism of the Sci-Tech Innovation Board.

With the advent of knowledge economy, the competition of comprehensive national power gradually has shifted to talent competition. The cultivation of innovative talents and the incubation of student entrepreneurial teams are the primary educational goals of universities, which is an important part of the national innovation system. University student entrepreneurial teams present the attribute of high technology and unique knowledge advantage. The persistent innovation of student entrepreneurial teams is attributed to knowledge playing a critical role. In particular, in the knowledge-based economic era, student entrepreneurial teams with speed, connection, and intangible value creation have transformed the partly labor-intensive model into a knowledgeintensive competition model. Taking university student entrepreneurial teams as the research object, a total of 500 copies of questionnaire were distributed and 386 valid copies were retrieved, with a retrieval rate of 77%. Through the questionnaire survey, students' awareness, emotion, and will of innovation in innovation education are understood, and their cognition and intention of team cooperation and strategic innovation are investigated. The research results are concluded as follows: (1) Innovation education presents significantly positive correlations with collaboration. (2) Collaboration shows remarkably positive correlations with strategic innovation. (3) Innovation education reveals notably positive correlations with strategic innovation. According to the research result, suggestions are proposed, expecting that China's university student entrepreneurial teams could acquire the advantage of technological innovation by applying the opportunities of broadband and wireless network infrastructure and developing innovative applications and entrepreneurial models.

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