The Research Of China's IPO Pricing Efficiency

The phenomenon of pricing efficiency is not high which is prevalent on China's listed companies It has produced a series of negative impacts on our country's stock market, market participants and the country's economic development. This phenomenon, which scholars have conducted a lot of research, between these research,it is more representative measure that use IPO underpricing rate as pricing efficiency, Most of their research using the traditional financial theory, but most studies only based on the size of underpricing, distribution mechanism and some factors change research. This suggests can not form a comprehensive and systematic analysis for low efficiency of domestic listed companies . In view of this, the paper based on the behavioral finance perspective, taking the preliminary inquiry stage of the indicators which reflect investor psychology factors into the analysis model, and with the issue of business fundamentals, the combination of macro-market factors, this paper try to explain the domestic Main Board listed companies's IPO pricing efficiency for resolution.Through comparing the IPO underpricing rate which is under the mechanism of different issues , it is found in the current issue of mechanism, domestic listed companies's IPO underpricing rate alleviate to some extent, but compared with mature markets overseas listed companies,China's IPO rates remain higher underpricing. By reason analysis, after market-oriented reforms, reduce the degree of information asymmetry , better safeguard the interests of investors and ensure the quality of listed companies, improve the pricing and underwriting sales of capacity,as a result , our IPO pricing efficiency is rise; However, due to the implementation of our inquiry system with foreign background, the market environment and the specific design rules ,there is a huge difference between demestic and overseas. The IPO pricing efficiency of our county is obviously lower than mature markets.Paper use empirical analysis for the affecting factors of our country's IPO underpricing. analysis shows that lack of efficiency range of inquiry, the small of inquiry objects'number , the existence of IPO lock-up period and so on led to the underpricing is too high;At the same time, an atmosphere of serious market speculation, the stock market mechanism of supply and demand imbalance, and information identifying external problems such as failure to give full play to the domestic listed companies also contributed to the high rate of IPO underpricing. For this reason, only the optimization of the implementation of specific environmental inquiry system, and promote the concept of rational investors, the stock market equilibrium and full disclosure of information in order to eliminate the external environmental factors on the efficiency of IPO pricing constraints; at the same time, only perfect system of self-inquiry, promote object behavior for rational inquiry, to improve the efficiency range of inquiry in order to eliminate the inherent low efficiency of IPO pricing of motivation, which ultimately increase the efficiency of IPO pricing and promote the optimal allocation of the stock market resources.