作者：齐祥芹，罗俊
摘要/Abstract
IPO抑价之谜的解释一直以来是财务界的重要课题，大量的研究发现公司信息披露可以改善信息不对称程度，影响IPO抑价水平。然而，信息披露质量是否会影响IPO抑价的实证研究相对比较缺乏。本文以2004年我国37家中小板IPO公司为样本，研究信息披露质量对IPO抑价的影响。结果表明，在控制相关因素后，信息披露质量对IPO抑价有显著的解释能力，二者存在负向关系，信息披露质量越高，IPO抑价程度越低，结果支持了本文的理论预测。
The mystery of the IPO underpricing is always an important topic in the academic community, lots of studies have found that information disclosure can change the extent of information asymmetry, so can influence the IPO underpricing. However, there is few empirical studies focusing on the relationship between disclosure quality and IPO underpricing .This paper studies the influence of disclosure quality on the IPO underpricing using 37 listed companies in Shenzhen SME Board stock market in 2004 as research sample. Our analysis shows that disclosure quality could explain the cross-sectional variations of underpricing and there is a negative relationship between disclosure quality and IPO underpricing controlling relative factors. The higher disclosure quality is associated with a lower IPO underpricing.The results support our theory forecast.