A Study On The Efficiency Of New Stock Issue-Pricing In China

New stock issue pricing is the core link in the stock issuing market, the stock pricing whether the reasonable will influence to the resources of the stock market to install efficiency directly. According to valid market theories, the center meaning of the price usefulness is price at any order up is all inside value of the best valuation, and it is a result after that each kind of related information induces a market, namely the reaction efficiency of price to information come to a decision the pricing efficiency, then coming to a decision a resources to install an efficiency. It is the point of this research that study the Initial Public Offering (IPO) pricing efficiency from issue pricing to each kind of information of the reaction efficiencyFirstly, this thesis studies the history of research on the literature of IPO underpricing, and analyzes the influence factors of new stock issue pricing. Then trace to its source, we summarize the development process of the Chinese A stock market field of initial public offering, at first, we describe the creation of the Chinese A stock market field of initial public offering from the angle of system analyzing, then comparatively analyze the managing system of three kinds of stock issuing to Examination and approval system, Approval system and Registration system, and look back the stock issue of the Chinese earlier period takes charge of the system(examination and approval system) and its reform(approval system). Then under the premise that full understanding the privately owned research, enter substantial evidence research part. Based on this, the author tests pricing efficiency of IPO of A-share market by data of new issue in shanghai from 1995 to 2006, build up the line return model of influence factors of IPO pricing under different system, and carries on analytical elucidation to the model result. The substantial evidence analytical result shows that the reform of our country stock issue system raised pricing efficiency to some extent, also enlarged market risk. Finally according to analytical result, the author put forward some related policy suggestions to raise our country IPO pricing efficiency.