This paper is studying the connection between the investor sentiment and IPO under-pricing rate.

本文主要是从二级市场投资者情绪的角度来研究IPO折价问题。

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Actually, IPO under-pricing also remains a practical problem that plagues market supervisors, frequent issue regulation change may be a good evidence for this.

事实上，IPO抑价也是一直困扰市场监管者的一个实际课题，频繁的发行制度变迁足以说明这一点。

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Based on the correlation analysis and Granger test, the opening rise rate of new share in the first listing day becomes the first factor, we find, which affects the IPO under-pricing level.

利用相关分析和格兰杰检验，首日新股开盘涨幅成为本文发现的第一个影响我国IPO抑价水平的重要因素。

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