CAJ | 학술논문

文章使用百度指数这一投资者行为的衡量变量作为投资者关注的代理变量，以2012年154家首发上市的公司为研究对象，控制了承销商声誉、公司行业、规模等其他因素后进行检验，发现百度指数的关注度变量与IPO抑价显著正相关且这种关系受市场条件好坏的影响。文章还发现IPO抑价受发行总市值、公司市盈率、每股净资产显著负向影响，与承销商声誉有一定相关性，和公司绩效关系的显著性不高。
문장사용백도지수저일투자자행위적형량변량작위투자자관주적대리변량，이2012년154가수발상시적공사위연구대상，공제료승소상성예、공사행업、규모등기타인소후진행검험，발현백도지수적관주도변량여IPO억개현저정상관차저충관계수시장조건호배적영향。문장환발현IPO억개수발행총시치、공사시영솔、매고정자산현저부향영향，여승소상성예유일정상관성，화공사적효관계적현저성불고。
The paper applies the Baidu index,which is the measurable variable of investor behavior,as the proxy variable of investor attention, takes 154 IPO companies in 2012 as the research object and carries out the test after the control of the un-derwriter’s reputation,sectors,scales and other factors. The results show that the attention variable of Baidu index has a sig-nificant positive correlation with IPO underpricing, which is affected by the market conditions. The paper also finds that IPO underpricing is remarkably negatively affected by the total market value,company earnings,net assets per share. And it has a certain correlation with the underwriter’s reputation,but has no prominent relationship with corporate performance.