Study On IPO Inquiry System Of China

Theoretical and Empirical Studies have shown that IPO (new shares issued) pricing mechanism financial scholars at home and abroad is one of the focal points. As a pricing system, IPO pricing mechanism has been the various countries or regions IPO reform of the system and an important element of an important aspect. IPO pricing issue has been the focus of China's securities market one. This paper attempts by the world's major IPO pricing mechanism issue analysis, comparison, at the course of China's IPO Review, as well as on China's IPO Inquiry system Empirical Analysis of the results for the improvement of China's IPO pricing mechanism, so as to enhance the efficiency of the stock market issue, improve the function of the stock market to find some useful clues.By Request system empirical analysis, it means China's current system of implementation of Inquiry results were not ideal. IPO underpricing rate is very high, and the speculation is also very serious, and a lot of problems exist. However, this positive point is that first of all, the crux of the problem is not the Request system design its own mechanisms significant deficiencies and secondly, we do not deny that the Request the applicability of the system in our country, because I believe that the root of the problem is China's securities market Maturity of the issue. The fundamental reason is that China's securities markets still lack a mature investment in the banking system.On the other hand, in order to enhance the country's Request system operating efficiency, the need for sound is a lot of places. This paper presents the complete several measures: to increase multi-channel provided by the sponsors issuer pricing valuation of the quality of the report, including the promotion of the ranks of underwriters to encourage professional development and lead underwriters through public media notice of its valuation analysis ; More ways to improve the quality of information inquiry, including the Request object the establishment of institutional investors and appropriate evaluation system for small and medium-sized investors refer to the inquiry, the introduction of 'call-back mechanism' and, as appropriate targets to increase the number of Inquiry; Request system and to improve the implementation of the IPO environment, and create market pricing system to Request the environment.