本文以我国1997年7月至1998年12月间上市的146家A股公司为样本,研究招股说明书的信息含量和新股长期市场表现之间的关系。研究结果表明,招股说明书中相关的历史会计信忠存在过度包装成分。而其盈利预测信患则过于乐观,投资者依据此信息所做的投资决策在长期内并不能实现其价值最大化的目标。 This article takes 146 A-share companies listed in China from July 1997 to December 1998 as a sample to study the relationship between the information content of the prospectus and long-term market performance of new shares. The results show that there is over-packing in the relevant history accounting loyalty in the prospectus. While its earnings forecast is far too optimistic. Investors’ investment decisions based on this information will not achieve their goal of maximizing their value over the long term.