中文摘要：

文章使用百度指数这一投资者行为的衡量变量作为投资者关注的代理变量，以2012年154家首发上市的公司为研究对象，控制了承销商声誉、公司行业、规模等其他因素后进行检验，发现百度指数的关注度变量与IPO抑价显著正相关且这种关系受市场条件好坏的影响。文章还发现IPO抑价受发行总市值、公司市盈率、每股净资产显著受向影响，与承销商声誉有一定相关性，和公司绩效关系的显著性不高。

英文摘要：

The paper applies the Baidu index, which is the measurable variable of investor behavior, as the proxy variable of investor attention, takes 154 IPO companies in 2012 as the research object and carries out the test after the control of the underwriter＇s reputation, sectors, scales and other factors. The results show that the attention variable of Baidu index has a significant positive correlation with IPO underpricing, which is affected by the market conditions. The paper also finds that IPO underprieing is remarkably negatively affected by the total market value, company earnings, net assets per share. And it has a certain correlation with the underwriter＇s reputation, but has no prominent relationship with corporate performance.