中文摘要：

运用1990—2010年间A股上市公司的数据研究了我国IPO抑价和长期收益率的影响因素，结果发现，国有股权比例、公司成长性与IPO抑价率显著正相关，发行管制、内部职工持股比例与IPO抑价率显著负相关。同时，以多种方法衡量IPO长期收益率，均发现IPO抑价率与IPO长期收益率显著负相关，公司未来现金流风险与IPO长期收益率显著正相关。

英文摘要：

This paper studies the underprieing and long-term performance of A-share initial public offerings issued in China from 1990 to 2010. We find that IPO underpricing is positively related to the ratio of state-run shareholding and corporate growth, and negatively related to distribution control and internal employee shareholding. We also find that IPO long-term performance is negatively related to underpricing, and positively related to the risk of companies＇ future cash flow.