Through an ARMA model ,the authors study the IPO costs under asymmetric information , analysis the influencing factors of the IPO direct costs and indirect costs .

• 摘要 文章采用ARMA模型对信息不对称条件下企业首次上市并融资（以下简称IPO）成本进行研究，分析了IPO直接成本和间接成本的影响因素。