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1、AbstractThestudyofIPOunderpricinghasalwaysbeenthehotspotoftheacademiaresearch.ChineseandwesterntheoryofIPOunderpricingisveryrich.IPOunderpricingisbasedonthetheoryofinformationsymmetryandinformationasymmetry.StockissuingsystemhasbeenreformedChinasecuri
2、tiessupervisionunceasingly.Afterthereformofnon-tradableshares,ourcountrybeginintotheeraof"fullcirculationofstockmarket".Italsoreflectsthatournewpricingsystemismorereasonable,andthatqualityofinformationdisclosurehasbeenimproved.IPOunderpricingmaybemore
3、influencedbyinformationonthevalueofenterprisethanirrationalinvestmentbehavior.Againstthisbackground,thispaperapplied,fromJuly1,2009toDecember31,2012,therelevantdataof836initialpubliccompaniesofferingoftheShanghaia-sharemarket,SMEsboardandGEMs.Inthispa
4、per,empiricalresearchonthemainpointshastwoparts.Inthefirstpartweselectrelevantvariablestomeasurecompanyquality.AccordingtothetheoryofIPOunderpricinghypothesizes,weestablishtheleast-squaresregressionmodelaboutthevariablesandIPOunderpricing.Wefindthatth
5、equalityofcorporatefinance,corporategovernance,executiveteam,thelistedcompanyrisk,comprehensiveenterprisequalityarerelatedtotheIPOunderpricinginChina.ThesecondpartisabouttotestoftherelationshipbetweenIPOunderpricingrateandthepossibilityofequityrefinan
6、cing.Inthispaper,wefoundthat:TherelationshipbetweenmostindicatorsofenterprisequalityandtheIPOunderpricingareinlinewiththehypothesis.Somearesignificant;EnterpriseoverallqualityandIPOunderpricingisinsignificancelevelunder5%.TheresultsshowedthatIPOunderp
7、ricingrateandthepossibilityofequityrefinancingisinsignificantpositivecorrelation.Inthispaper,thesignalingtheoryofIPOunderpricinginChina'scapitalmarketisnotalwaysexaminedapplicable;themarket-orientedreformofissuancepolicyiseffective.Keywords:IPOUnderpr
8、icing;InformationAsymmetry;SignalingTheory;InvestorSentimentII目錄中文摘要……………………………………………………………………………I英文摘要……………………………………………………………………………II目錄……………………………………………………………………………III1緒論……………………………………………………………………………11.1研究背景及意義……………………………………………………………11.1.1研究背景
