市场情绪、会计信息质量与IPO首日回报

文章从情绪交易产生的客观原因出发，以IPO为背景，研究了会计信息在降低新股“情绪溢价”中的作用。研究发现：（1）高质量会计信息能够显著降低市场情绪对IPO首日回报的影响，表明信息不对称是情绪交易产生进而影响股票价格的重要原因；（2）会计信息的上述作用仅在市场上涨时期和定价市场化时期显著，而在市场下跌时期和定价管制时期则不显著，表明投资者关注和发行机制市场化是会计信息有效发挥作用的前提。 Based on obiective reasons for emotional transactions, this paper investigates the role of accounting information in the decrease in emo- tional premiums of new shares under the IPO background. It arrives at the following conclusions： firstly, high-quality accounting information can sig- nificantly reduce the effect of market sentiment on IPO initial returns, show- ing that information asymmetry is an important reason for the emergence of emotional transactions and then their effects on stock prices; secondly, the role of accounting information abovementioned in a bull market or in a pri- cing marketization period is significant, but the one in a bear market or in a pricing control period is not significant, showing that investor attention and the marketization of issuance mechanism are the premise of the effective role of accounting information.