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本文利用经济学原理解释了首次公开发行IPO“低定价”的现象,并根据国内相关数据进行多元线性回归分析。结果表明：信号假说理论对中国IPO低定价现象的解释能力较弱；导致中国IPO低定价现象最直接的原因是投资者的非理性投资行为和热衷新股炒作；尽管样本数量较大会降低模型的可决系数R~2,但不能排除是忽略了其他重要变量所致。
This paper uses the principle of economics to explain the IPO “low pricing” phenomenon, and conducts multiple linear regression analysis based on the domestic data. The results show that the signal hypothesis theory has a weak ability to explain the low pricing of IPO in China. The most direct reason for the low pricing of IPO in China is irrational investment behavior of investors and keen new stock speculation. Although the large number of samples may reduce the price of the model The coefficient of determination R ~ 2, but can not be ruled out is ignoring the other important variables.