From The Perspective Of Behavioral Finance To Issue The IPO Pricing System Reform

This article focuses on China's new distribution system reform.Operating mechanism from the market point of view, the stock market is through market pricing functionality to achieve an effective allocation of funds. Among them, the investors of information in the market make a decisive role. Mainstream finance efficient market hypothesis involved a series of characteristics described in the "rational person" under the assumption that a rational public, according to the logic of derivation closely drawn. "Rational person" is to reflect the characteristics of information and behavior to determine the reality of the securities market and the market in full force and effect theory of inherent bias. In particular, the stock market in our country a majority of retail investors in emerging financial markets, investors and non-rational interaction imperfect market system, with the result that the stock market to issue a long-term performance of a series of deviations from efficient market "anomalies." Therefore, this article attempts to analyze the behavioral finance perspective, the use of behavioral finance-related research methods and theory, lead to China's stock market investors to tap the psychological and behavior of the underlying causes of deviation. Irrational investors in the analysis of the impact of its decision-making characteristics of the specific mechanism acts on the basis of the securities industry for the current new issue of concern to the reform of the system, combined with the status quo of China's securities market development, look to the future development of the capital market, through analysis and comparison of various mainstream distribution, put forward their views and suggestions.