中文摘要：

本文以中国A股市场为背景,以2009～2010年沪深两市通过IPO募集股权资本的上市公司为样本,探讨了投资者参与程度、企业内在价值与IPO抑价之间的关系。研究发现,在诸多影响因素中,以市盈率衡量的企业内在价值与IPO抑价负相关;以中签率和换手率衡量的投资者参与程度,与IPO抑价正相关。较低的中签率和较高的换手率,代表更高的投资者参与热情,通常会导致更高的IPO抑价。此外,诸如IPO规模和行业特征等其他因素也会对IPO抑价产生影响。

英文摘要：

This paper takes companies committed IPO（Initial Public Offering） in Shanghai and Shenzhen stock markets during 2009 to 2010 as samples to explore the relationship between investor participation,firm intrinsic value and IPO underpricing anomaly in set of China＇s A-share market.The research result shows that,among many factors,firm intrinsic value,as measured by price-to-earnings ratio（PE ratio）,is negatively correlated with IPO underpricing.The authors also find that,investor participation,as measured by lottery-winning rate and turnover rate on the initial day,is positively correlated with IPO underpricing.Lower lottery-winning rate and higher turnover rate,which represent higher investor participation,usually result in higher IPO underpricing.Besides,other factors,such as IPO size and industrial characteristics also have effect on IPO underpricing.