Study On The Initial Public Offerings Efficiency Of The China Stock Market

The existence of the high IPO efficiency distortion of the China stock market has already influenced its normal full play of different functions. For this reason, this thesis attempts to probe into the origin causing this efficiency twist in terms of issuing mechanism, thus offer reference and consult for the market-based reform of issuing mechanism of the China stock market, impel the stock market of China to accelerate realizing its various function, and then promote the development of economy.Under above-mentioned guidelines, this paper aims at studying the relation between the issuing mechanism and IPO efficiency, in order to reduce the distortion degree of the IPO efficiency of the Chinese stock market effectively. The thesis has used financial theory, pricing theory, information economics, monetary finance, and institution economics etc. Along the main line of "structure the new analysis framework of IPO efficiency → normal study on relation between issuing mechanism and IPO efficiency →empirical study on relation between issuing mechanism and IPO efficiency", this paper has analyzed and investigated in detail from two respects of the theory and empiric to the relation between the issuing mechanism and IPO efficiency.First of all, the thesis structures new IPO efficiency analysis framework. This paper has expanded the IPO efficiency, divides it into two levels: IPO pricing efficiency and IPO allocation efficiency, thus structures the new IPO efficiency analysis framework. Based on the unique institution characteristic of China stock market, we think that IPO pricing efficiency and IPO allocation efficiency in China IPO market are deviated from, so, we should not merely consider IPO pricing efficiency while reducing IPO efficiency distortion and need to consider the improvement of IPO allocation efficiency even more.Secondly, the thesis has carried on research to the relation between the issuing mechanism and IPO efficiency from the theory aspect, and launch along three levels going forward one by one:1, This thesis compares the three issuing mechanism through three dimensions, and finds that bookbuilding are more favorable to IPO efficiency realization.2, We find the realization mechanism of IPO efficiency in the optimum issuing mechanism including: quantity discrimination, quantity of participation of uninformed...