China's IPO underpricing-based on a new perspective on earnings management

摘要: In this paper IPOs of China's listed companies were studied. The extent earning management was estimated with a cash flow-return model. By using hypothetical analysis, multivariate regression model obtained. Empirical analysis showed significant positive relation between and IPO underpricing, partial correlation coefficient revealed that the relativity offering price reported higher than real earning, first day's closing earning. conclusion is characteristics primary secondary market system their resulted behavior differences investor contributed to high underpricing.