IPO公司盈余管理最可能的动机是推高发行价格。本文检验了IPO公司盈余管理对发行定价的影响。最终发现在相同的盈余水平下,较高的盈余质量可以提高发行折价,按照较低的价格发行,市场投资者在短期定价时更关注较盈余的高低,容易受盈余管理的误导,但对较高的盈余质量则不敏感。 IPO company earnings management is the most likely motivation is to push up the issue price. This paper examines the impact of IPO earnings management on issue pricing. Finally, it finds that under the same level of earnings, higher earnings quality can increase the issue discount, and issue at a lower price. Market investors are more concerned about the level of surplus in short-term pricing and are more likely to be misled by earnings management. However, High earnings quality is not sensitive.