中文摘要：

以2010~2012年上市的752家公司作为研究样本,比较在破发状态下和未破发状态下新股的定价情况。研究发现,相对于已上市的可比公司,未破发的新股其发行价显著低于可比公司的市场价格,而破发的新股其发行价与可比公司的市场价格间不存在显著差异。此外,破发的新股其发行价的定价水平显著高于未破发的新股。进一步的研究发现,新股破发的概率受到新股发行价定价水平和上市期间市场投资者情绪转换的影响。

英文摘要：

This paper use a sample of 752 IPOs listed between 2010 and 2012, compare the pricing difference between the un- derpriced IPOs and the overpriced IPOs. The results show that, compared to the listed companies, the offer price of the under- priced IPOs are significantly lower than the market price of the listed companies, but there is no significant difference between the offer price of the overpriced IPOs and the market price of the listed companies. Moreover, the offer prices of overpriced IP- Os are significantly higher than that of the tmderpriced IPOs. The further research shows that, the probability of the IPOs fell on its first trading day is related to the level of the offer price and the conversion of the market investor sentiment during the listing period.