股票市场首次公开发行折价被认为是IPO市场存在的一个特殊现象,一直以来受到国内外众多学者的关注。而中国IPO折价程度更是远高于其他国家,本文在前人研究的理论基础上,结合中国股票市场的特征,对中国中小板上市的644家企业披露的公开信息进行收集、筛选,分析公开信息对IPO折价的影响方向和程度。实证结果表明,股份发行比例越高、市场热度越强、拥有政府背景时,中小板企业IPO折价率越高,而风险资本的介入、企业行业性质、承销商声誉与中小板企业IPO折价的关系没有得到验证。 The initial public offering discount in the stock market is considered as a special phenomenon existing in the IPO market. It has always been the concern of many scholars both at home and abroad. The IPO discount in China is much higher than that of other countries. Based on the previous studies and the characteristics of China’s stock market, this paper collects, screens and analyzes the public information disclosed by 644 Chinese listed SMEs Information on the impact of the IPO discount direction and extent. The empirical results show that the higher the proportion of shares issued, the stronger the market, with the government background, the higher the discount rate of SME board IPO, and venture capital intervention, the nature of the business industry, the underwriter’s reputation and the relationship between the IPO discount Not verified.