：随着全球经济一体化，实施“注册制”是资本市场发展的必 然趋势，我国顺应资本市场规律，于 2020 年全面推行注册制，将成 为资本市场发展历程中一场伟大变革。尽管我国股票市场在不断开放 和完善，但 IPO 抑价现象严重，同质公司定价差异大，无法反映企业 内在价值，首日超额收益现象严重，从根源上看还是新股发行制度未 彻底市场化造成的，而企业与利益相关者之间的信息不对称程度加剧 了 IPO 定价低效率现象。因此，在信号传递理论和利益相关者理论的 基础上，本文从信息披露质量的角度，研究其对 IPO 定价效率的影响， 本文主要研究了信息披露质量、产权性质与 IPO 定价效率三者之间的 相关关系。 本文通过梳理总结国内外已有的相关文献，进一步提出新的研究 问题，针对此研究议题本文重点解决两个方面：首先，信息披露质量 是否影响 IPO 抑价；然后，产权性质是否对信息披露质量与 IPO 定 价效率的关系存在调节作用？由此提出本文的两个研究假设，并且搜 集 2015-2018 年深圳证券交易所 A 股上市公司相关数据，运用 SPSS23.0 和 EXCEL 对数据进行分析处理，得出以下研究结论： （1）关于信息披露质量与 IPO 定价效率的关系研究，本文通过 理论和实证分析得出在控制了其他因素的影响后，信息披露质量与 IPO 抑价率呈负相关关系。总体来说，信息披露质量越高的公司，其 IPO 抑价率越低，从而提高 IPO 定价效率。 （2）关于产权性质是否对信息披露质量与 IPO 定价效率的关系II 存在调节作用的研究，本文通过理论和实证分析得出产权性质会对信 息披露质量与 IPO 定价效率的关系存在调节作用。相对于国有企业， 非国有企业中信息披露质量对 IPO 抑价率的负向影响增强。最后在 理论分析和实证研究结论的基础上，从政府、企业和中介机构上三个 角度提出建议，通过提高信息披露质量，进而促使 IPO 定价效率提升， 期望为注册制的顺利实施提供借鉴。 关键词：信息披露质量；产权性质；IPO 抑价率；IPO 定价效率III Research on the Impact of Information Disclosure Quality on IPO Pricing Efficiency in China Marketization Degree Zou Yilun(Business Administration) Directed by Chen Guomin Abstract:With the integration of global economy, the implementation of "registration system" is the inevitable trend of the development of capital market. China's compliance with the law of capital market and the full implementation of registration system in 2020 will become a great change in the development of capital market. Although China's stock market is constantly opening and improving, IPO underpricing is serious, the pricing difference of homogeneous companies is large, which can not reflect the internal value of enterprises, and the first day's excess return is serious. From the root, it is caused by the incomplete marketization of the new issue system, and the information asymmetry between enterprises and stakeholders aggravates the inefficient IPO pricing. Therefore, on the basis of signaling theory and stakeholder theory, this paper studies the impact of information disclosure quality on IPO pricing efficiency. This paper mainly studies the relationship among information disclosure quality, property right nature and IPO pricing efficiency. By combing and summarizing the existing literature at home and abroad, this paper further proposes new research issues, focusing on two aspects of this research topic: first, whether the quality of informationIV disclosure affects IPO underpricing; second, whether the nature of property rights regulates the relationship between the quality of information disclosure and IPO pricing efficiency? Therefore, two research hypotheses are put forward, and relevant data of A-share listed companies in Shenzhen Stock Exchange from 2015 to 2018 are collected. Spss23.0 and excel are used to analyze and process the data, and the following research conclusions are drawn: (1) On the relationship between the quality of information disclosure and the efficiency of IPO pricing, through theoretical and empirical analysis, this paper concludes that after controlling the influence of other factors, the quality of information disclosure has a negative correlation with IPO underpricing rate. Generally speaking, the higher the quality of information disclosure, the lower the IPO underpricing rate, so as to improve the efficiency of IPO pricing. (2) Whether the nature of property right can regulate the relationship between the quality of information disclosure and the efficiency of IPO pricing, this paper concludes that the nature of property right can regulate the relationship between the quality of information disclosure and the efficiency of IPO pricing through theoretical and empirical analysis. Compared with state-owned enterprises, the negative impact of information disclosure quality on IPO underpricing rate in non-state-owned enterprises is stronger. Finally, on the basis ofV theoretical analysis and empirical research conclusions, this paper puts forward suggestions from the three perspectives of government, enterprises and intermediary institutions, through improving the quality of information disclosure, thus promoting the efficiency of IPO pricing, hoping to provide reference for the smooth implementation of registration system. Keywords：Information disclosure quality property right nature IPO underpricing rate IPO pricing efficiency目 录 摘要：..............................................................I Abstract..........................................................III 第 1 章 绪 论.......................................................1 1.1 研究背景与意义.............................................1 1.1.1 研究背景.............................................1 1.1.2 研究意义.............................................2 1.2 文献综述...................................................3 1.2.1 信息披露质量的相关研究...............................3 1.2.2 IPO 定价效率的相关研究 ...............................6 1.2.3 信息披露质量、产权性质与 IPO 定价效率的相关研究......10 1.2.4 文献评述............................................11 1.3 研究构架..................................................12 1.3.1 研究思路............................................12 1.3.2 研究内容............................................12 1.3.3 研究方法............................................13 1.4 创新点....................................................14 第 2 章 制度背景、概念界定和理论基础................................15 2.1 制度背景..................................................15 2.1.1 信息披露制度........................................15 2.1.2 IPO 制度 ............................................16 2.2 概念界定..................................................19 2.2.1 IPO 定价效率 ........................................19 2.2.2 信息披露质量........................................20 2.2.3 产权性质............................................20 2.3 理论基础..................................................20 2.3.1 有效市场假说理论....................................20 2.3.2 信号传递理论........................................212.3.3 利益相关者理论......................................22 2.3.4 委托代理理论........................................24 2.4 本章小结..................................................25 第 3 章 研究假设与研究设计..........................................27 3.1 研究假设..................................................27 3.1.1 信息披露质量对 IPO 定价效率的研究假设................27 3.1.2 基于产权性质的信息披露质量对 IPO 定价效率的研究假设..28 3.2 研究设计..................................................29 3.2.1 样本选择与数据来源..................................29 3.2.2 变量设定............................................29 3.2.3 模型建立............................................31 3.3 本章小结..................................................32 第 4 章 实证结果与分析.............................................33 4.1 描述性统计分析............................................33 4.2 相关性分析................................................34 4.3 回归分析..................................................36 4.4 稳健性检验................................................37 4.5 本章小结..................................................38 第 5 章 结论与展望..................................................39 5.1 研究结论.............................