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笔者选取2007年~2010年沪深两市A股515家IPO企业作为研究样本,考察政治关联、会计稳健性与IPO抑价的关系。回归结果显示会计稳健性与IPO抑价呈显著正相关,成熟的投资者已经能够识别企业的真实盈余,给予会计稳健性较高的企业以合理的价格;存在政治关联的IPO企业的会计稳健性水平更低,但政治关联的级别对会计稳健性的影响不显著。
The author chooses 515 IPOs of A-shares in Shanghai and Shenzhen stock markets from 2007 to 2010 as research samples to examine the relationship between political relevance, accounting conservatism and IPO underpricing. Regression results show that accounting firmness has a significantly positive correlation with IPO underpricing. Mature investors have been able to identify the true earnings of enterprises and give firms with higher accounting robustness at a reasonable price. Accounting conservatism of politically relevant IPO firms The level is lower, but the level of political affiliation has no significant effect on accounting conservatism.