本文分析了法律对中小投资者保护(立法程度和执法效率)和社会资本对中国IPO抑价程度的影响。结果发现,尽管立法程度和IPO抑价间存在负相关性,但控制了其他变量后,并未对抑价产生显著的影响;而相比之下,执法效率却显著地对IPO抑价产生了负影响;同时,社会资本也稳健地凸显出对抑价程度的减缓作用。因此,要形成合理的IPO抑价程度,不仅需要完善法律制度,而且更要注重执法效率,同时也要发挥社会资本等非正规治理因素的作用。 This article analyzes the impact of law on the protection of small and medium-sized investors (the degree of law enforcement and law enforcement) and the impact of social capital on China’s IPO underpricing. The results showed that although there was a negative correlation between the degree of legislation and IPO underpricing, the control of other variables did not significantly affect the underpricing; in contrast, the efficiency of law enforcement significantly affected the IPO underpricing Negative impact; at the same time, social capital also steadily highlights the degree of devaluation of the role of mitigation. Therefore, to form a reasonable degree of IPO underpricing, we not only need to improve the legal system, but also pay more attention to the efficiency of law enforcement, but also play an important role in the informal governance such as social capital.