Abstract: Underwriter’s behavior and its specific motivation in Chinese A-share IPO market is the core issue of IPO research. But there is no domestic literature directly studies the relationship between underwriting fees and IPO underpricing. This paper selects the data of A-share IPO companies from November 1, 2001 to 31 December 2012 as sample, then examines the relationship between underwriting fees and IPO underpricing, and the degree of government pricing regulations on the relationship between underwriting fees and IPO underpricing. OLS and 2SLS regression results show that underwriting fees and IPO underpricing are significantly positive correlation. With the improvement of government pricing regulations degree, underwriting fees and IPO underpricing positive correlation significantly reduced, and even turned to negative correlation relationship. This paper helps us to know more about how underwriter and government influence the IPO pricing.

摘要： 承销商在IPO市场上的行为及其动机是IPO研究的重要问题。但国内尚无文献直接研究承销费用与IPO抑价之间的关系。选择2001年11月1日至2012年12月31日的中国A股IPO公司为研究样本，分析了承销费用与IPO抑价之间的关系及其在政府定价管制程度不同情况下对承销费用与IPO抑价关系的影响。OLS和2SLS的回归结果均显示，承销费用与IPO抑价呈正相关关系；而政府定价管制程度的提高会削弱承销费用与IPO抑价之间的正相关关系，甚至会使其转向负相关关系。研究结论让我们深入地了解承销商和政府如何对IPO定价产生影响。