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如今我国股票市场制度日益完善,与发达国家接轨日益紧密,曾经受到广泛关注的IPO高抑价现象是否得到改善,IPO前盈余管理对IPO抑价的影响又如何。通过实证分析我国A股市场上2009年IPO的公司数据,发现我国A股市场上2009年IPO前盈余管理对IPO抑价存在正相关关系,而且我国A股市场上首次公开发行的股票仍然存在抑价现象,但明显得到改善。
Nowadays, the stock market system in our country is perfecting day by day, and it is getting closer to the developed countries. Whether the IPO high underpricing, which has received widespread attention, has been improved and how the pre-IPO earnings management affects the IPO underpricing. Through the empirical analysis of the company data of 2009 IPO in China’s A-share market, we find that there is a positive correlation between the pre-IPO earnings management and the IPO underpricing in China’s A-share market in 2009, and the initial public offering of stocks in China’s A-share market still exists The price phenomenon, but obviously improved.