中文摘要：

文章选取2006年到2011年中国A股首次公开发行上市的公司数据为样本,建立多元回归模型,研究了新股投机行为对IPO抑价率的影响.研究结果表明,新股投机行为与IPO抑价之间具有显著的正相关关系.一级市场资金、新股上市首日换手率、新股上市首日股价波动程度等代表新股投机行为的指标均对IPO抑价有显著的正向影响.

英文摘要：

This paper selects IPO data from 2006 to 2011 in China A share market, and studies the relation between speculative behavior in new share and IPO underpricing using a multiple regression model. The empirical results indicate that speculative behavior in new share and IPO underpricing is significantly positive correlation. The indicators that reflect speculative behavior in new share have a significant positive effect on IPO underpricing. The indicators include initial market capital, turnover rate on the first day of IPO, and stock price fluctuation degree on the first day of IPO.