IPO underpricng is referred to an average excess return, statistically significantly positive, of a new issue immediately aftermarket relative to its offering price.

• 所谓新股发行抑价，是指首次公开发行的新股上市后，其二级市场价格相对一级市场发行价格，在统计上所存在的显著为正的平均超额收益。