股票首次公开发行(IPO) 作为上市企业获得融资的重要途径，是连接企业和投资者的重要桥梁，也是证券市场健康发展的基础。抑价可能导致现有股东的利益受损，而新股东则可能获得超额收益，而我国在2016-2022年间，企业的平均IPO抑价率超205%，如此超高的抑价率会导致包括市场不稳定、投资者利益受损、资源配置效率降低、影响公司声誉和长期发展以及损害市场公平性的不良影响。研究ESG信息披露对IPO抑价的影响，有助于揭示ESG信息在资本市场中的定价作用，以及如何通过改善信息披露来降低抑价幅度，保护投资者利益。本文的边际贡献在于，以中国市场的企业为样本考察ESG信息披露对IPO抑价的影响，并引入投资者情绪和媒体关注度作进一步检验。

本文选取2016-2022年间A股首次公开发行上市的企业为样本，基于多元线性回归模型研究企业ESG信息披露对IPO抑价的影响。主要结论如下：（1）通过理论分析和实证分析发现，企业良好的ESG表现可以显著降低IPO抑价率。（2）进一步的机制检验也证明，ESG信息披露是通过降低二级市场的投资者情绪来降低IPO抑价率，以及较高的媒体关注度能强化IPO信息披露与IPO抑价水平之间的负向影响。（3）最后通过异质性检验，发现环境敏感度低的企业、信息透明度低的企业和非国有企业中，ESG信息披露降低IPO抑价的作用更明显，最后基于以上研究结论，对降低企业的IPO抑价水平提出相关建议。

总体而言，本研究表明，通过ESG实践树立良好的企业形象并拥有理性的投资者能够为企业创造价值，但企业良好的ESG实践需要外部评级机构进行评分来向市场展示，企业才能从中获益。

As an important way for listed enterprises to obtain financing, initial public offering (IPO) is an important bridge connecting enterprises and investors, and also the basis for the healthy development of the securities market. Underpricing may lead to the loss of interests of existing shareholders, while new shareholders may gain excess returns. In China, the average IPO underpricing rate of enterprises exceeds 205% from 2016 to 2022. Such a high underpricing rate will lead to market instability, damage to investors' interests, lower efficiency of resource allocation, affect the company's reputation and long-term development, and damage market fairness. Studying the impact of ESG information disclosure on IPO underpricing is helpful to reveal the pricing role of ESG information in the capital market, and how to reduce the underpricing range and protect the interests of investors by improving information disclosure. The marginal contribution of this paper is to examine the impact of ESG information disclosure on IPO underpricing by taking enterprises in the Chinese market as samples, and introduce investor sentiment and media attention for further testing.

This paper selects A-share IPO companies from 2016 to 2022 as samples and studies the impact of ESG information disclosure on IPO underpricing based on multiple linear regression model. The main conclusions are as follows: (1) Through theoretical analysis and empirical analysis, it is found that good ESG performance can significantly reduce IPO underpricing rate. (2) Further mechanism test also proves that ESG information disclosure reduces IPO underpricing rate by reducing investor sentiment in the secondary market, and higher media attention can strengthen the negative impact between IPO information disclosure and IPO underpricing. (3) Finally, through the heterogeneity test, it is found that among enterprises with low environmental sensitivity, enterprises with low information transparency and non-state-owned enterprises, ESG information disclosure has a more obvious effect on reducing IPO underpricing. Based on the above research conclusions, some suggestions are put forward to reduce the IPO underpricing level of enterprises.

 Overall, this study shows that good corporate image and rational investors can create value for enterprises through ESG practice, but good corporate ESG practice needs to be scored by external rating agencies to show, so as to benefit from it.