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中文摘要：
在公司首次公开发行股票的过程中，由于主要的市场参与者之间存在信息不对称而导致外部投资者难以对发行公司准确定价。本文以中国资本市场核准制实施后的IPO公司作为研究样本，考察发行公司如何权衡使用财务会计信息与股权保留比例这两种方式影响IPO定价。结果表明，发行公司的会计操控权与股权保留比例对IPO发行价格有显著正向影响；其中，国有控制发行公司更倾向于使用会计操控权提高公司发行价格；非国有控制发行公司更倾向于使用股权保留比例提高公司发行价格。
英文摘要：
During the process of initial public offering （IPO）, the information asymmetry among market participants makes it is difficult for investors to valuate. This paper examines the effect of financial accounting information and ownership retention on IPO valuation, for a sample of firms that went public during 2001-2007. The results indicate that financial accounting information and ownership retention have a significant effect on IPO issue prices. The state- owned issuers prefer to use financial accounting information to increase the issue price, while the non-state owned issuers tend to use ownership retention to achieve a higher issue price.
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