中文摘要：

国有股权与IPO抑价之间的关系，是实务界和学术界共同关注的重要问题。然而，已有研究关于国有股权和IPO抑价之间关系的结论并不一致，其重要原因在于它们没有关注国有股权影响IPO抑价的具体途径。对政府定价管制的影响是国有股权影响IPO抑价的重要途径。本文研究了国有股权与IPO抑价之间的关系及其在政府定价管制程度不同情况下对国有股权与IPO抑价关系的影响。研究结果显示，国有股权比例与IPO抑价正相关；随着政府定价管制程度的提高，国有股权比例与IPO抑价正相关关系显著减弱，甚至转向负相关关系。本文的研究结论深化了我们对国有股权与IPO抑价之间关系的认识，可以帮助我们理解政府对IPO定价的影响机制。

英文摘要：

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 owner- ship 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 affects 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 be- tween state ownership and IPO underpricing weakened significantly, even to negative related as the degree of gov- ernment pricing regulations rises. This paper deepens our understanding of the relationship between state owner- ship and IPO underpricing, and helps us understand how the government influences the IPO pricing.