State Ownership and IPO Underpricing:A Perspective of Government Pricing Regulations
研究了国有股权如何通过政府定价监管渠道影响IPO抑价，发现国有股权越高抑价越大，但政府定价监管越强这种正向关系越弱甚至转为负相关。
The relationship between state ownership and IPO underpricing is one of the most important issues in the fields of economics,finance and accounting.Extant literature examined the relationship between state ownership and IPO underpricing,but hasn't got a conclusion that is widely accepted.One of the main reasons is that the detailed channel through which state ownership affectsi IPO underpricing hasn't been examined.The affection on government pricing regulations is the important channel.This paper examines the effects of state ownership on IPO underpricing and the degree of government pricing regulations on the relationship between state ownership and IPO underpricing.It shows that IPO underpricing increased with state ownership,and the positive correlation between state ownership and IPO underpricing weakened significantly,even to negative related as the degree of government pricing regulations rises.This paper deepens our understanding of the relationship between state ownership and IPO underpricing,and helps us understand how the government influences the IPO pricing.