尽管近年来我国新股定价的市场化改革使得IPO抑价(即一级市场股票发行价低于上市首日收盘价)得到了一定程度的抑制,但总体水平仍较高。IPO即股票首次公开发行,是企业利用资本市场进行融资的主要方式之一。对于具有股权融资偏好的我国企业来说,顺利地实施IPO不仅为企业的长远发 Although the market-based reform of the IPO price in China in recent years has made the IPO underpricing (that is, the issue price of the primary market lower than the first-day closing price of the listed market) has been suppressed to a certain extent, the overall level is still relatively high. IPO is the initial public offering of stock, is one of the main ways for enterprises to use the capital market for financing. For Chinese enterprises that have the preference of equity financing, the successful implementation of IPO not only for the long-term development of enterprises