IPO前盈余管理与抑价现象的实证研究

研究我国证券市场上2000-2004年IPO前盈余管理对首次公开发行股票的发行价、收盘价和首日价格变化的影响，发现我国A股市场依然存在高抑价现象，IPO过程中也普遍存在盈余管理的行为，首日价格变化与IPO前企业盈余管理水平之间有显著正相关关系。因此我们认为IPO抑价现象是由于一级市场的制度性缺陷，导致IPO定价比较依赖财务报告数据，而二级市场又对财务报告存在过度反应，加之投机市的存在，使得股价都脱离了其真实价值，从而形成高抑价。

An Empirical Investigation in Pre-IPO Earnings Management and the IPO underpricing Phenomenon

Based on the data of initial public offerings(IPO) that issued from year 2000 to 2004,the paper studied the(relation) between the pre-IPO earnings management and underpricing.The result shows that there is severe underpricing phenomenon in Chinese IPOs,earnings management occurs universally in IPOs and first-day price changes has significant positive correlation with pre-IPO earnings management.Therefore,we draw a conclusion that because of the institutional limitation of issue market,the initial offer price is mostly dependent on pre-IPO reported earnings,and accompany with the speculative market,the investors in the secondary market over-react to IPOs financial statements,the stock price can not indicate the true value of these firms,then all these make for the underpricing phenomenon.