Abstract: Few studies focus on the relationship between state ownership and long-run IPO performance, and government regulations haven’t been taken into account. This paper selected the data of A-share IPO companies from 1990 to 30 June 2011 as sample, examined the effects of state ownership on long-run IPO performance and government pricing regulations on the relationship between state ownership and long-run IPO performance. Cluster regression results show that long-run IPO performance decreased with state ownership, and long-run IPO performance decreased with state ownership in the government pricing regulations firms. This paper deepens the research about the effects of state ownership on long-run IPO performance, helps to know more about government behavior and its influence in process of the privatization of state-owned enterprises, and helps to understand the relationship between government, enterprise and market in process of the development of the Chinese securities market.

摘要： 目前很少有研究关注国有股权与IPO长期收益率之间的关系，并且他们没有考虑政府定价管制程度对国有股权与IPO长期收益率之间关系的影响问题。本文选择1990至2011年6月30日的中国A股IPO公司为研究样本，研究了国有股权对IPO长期收益率的影响，并进一步探讨政府定价管制程度对国有股权与IPO长期收益率之间关系的影响。Cluster回归结果表明，国有股权比例越高，IPO长期收益率越低；相对于政府定价管制程度较低公司来说，国有股权降低了政府定价管制程度较高公司的IPO长期收益率。本文深化了国有股权对IPO长期收益率的影响方面的研究，有助于认识国有企业私有化过程中的政府行为及其影响，有助于理解证券市场发展过程中政府、企业与市场之间的关系。