作者：谢莹，曹胜
摘要/Abstract
本文以2001年至2009年期间A股非金融业国有上市公司作为样本，研究了垄断优势是否对国有企业首发定价和IPO抑价产生影响，以此判断投资者在IPO的定价中是否考虑了垄断的影响。同时，对上市后企业的盈利情况进行对比，检验定价是否理性。我们发现：垄断优势在IPO定价水平（首发市盈率）和抑价率两方面并没有显著影响，表明投资者未在IPO定价中考虑企业的垄断地位。但是，在IPO后期，处于垄断行业的国有企业的盈利能力要显著高于处于非垄断行业的国有企业。
With a sample of the SOE IPO companies from 2001 to 2009, this paper is going to investigate that whether the SOEs’ IPO underpricing and P/E ratio are influenced by the monopoly advantages. Comparing with the post-IPO financial performance, we try to figure out the investors’ pricing efficiency. We find that the monopoly information is considered neither by the underpricing nor by the P/E, which means that investors do not care about it in pricing. However, we do find that the monopoly firms outperform the non-monopoly firms in the following two years.