Study On IPO Issuing Mechanism And IPO Efficiency In Chinese Market

IPO's high price has been existing in almost all the stock markets, which also influences the efficiency of the Chinese stock market. The thesis attempts to probe into the origin cause by analyzing the issuing mechanism, which can offer reference for the market-based reform of issuing mechanism of the Chinese stock market, impel the stock market to achieve its various functions, and promote the development of economy.This paper aims at studying the relationship between the issuing mechanism and IPO efficiency. The thesis has adapted the advanced financial theory analyzing the main line of building the new analysis framework of IPO efficiency→theoretic studies on the relationship between issuing mechanism and IPO efficiency→empirical studies→coming to the conclusion.The author analyzes the two different issuing mechanisms from 2001-2006 by quantity empirical study. The author concludes that in Chinese stock market, IPO issuing mechanism is the main influence fact of IPO efficiency. And the new issuing mechanism would improve the efficiency of IPO comparing with the old ones. At last the thesis gives some advice on perfecting the present issuing mechanism to improve the IPO efficiency.