China's A-share Market The Ipo Pricing Efficiency Is A Comparative Study

The pricing of IPO is the core issue of market segments, the pricing is reasonable or not have a direct impact on the stock market efficient allocation of resources. Studies among the world have shown that the prevalence of new shares is over-income, especialy in emerging markets such as China, the proceeds are even more alarming. How to improve the efficiency of the stock issue pricing is the very problems that managers want to settle with. According to the theory of efficient markets, the price of the effectiveness of the center means that the price at any time point is the intrinsic value of the best assessment of the various types of information are passed into the market after the results, that is, the price information on the efficiency of the response to the pricing efficiency of the decision , Which determines the efficiency of resource allocation.This article aims to study the problem both in theoretical and empirical, want to descripe the efficiency of China's stock market initial public offering price .And compare different pricing mechanism and the issuance of new shares issued under the pricing efficiency.In order to help us to have better understanding of the characteristics of the market, as well as the priciples of the market.Provide investors and policy makers some useful inspiration.This article includes five parts. The first is the introduction, describes the background and purpose of the study. Then reviewed documents about the theme at home and abroad on the pricing efficiency. Then introduced the stucture of this article and the innovation of study. The second part analysis current system of IPO and the pricing mechanism, and defined the efficiency of IPO from the perspective of information. The third part of this article disussed the process of China's IPO pricing mechanism reform, then divide it into three stages according to the time serises,1991-1999, 2000-2004, 2005-2007. For every stages means a major changes in the mechanism of IPO.This section also carry out a preliminary comparative analysis by collecting data on the three stages of the pricing efficiency of IPO.The fourth part is empirical analysis. In accordance with three stages of the third part, used internal information variables and market information variables of the company, have analysised the pricing efficiency by multi-variable linear regression. We found that the efficiency of China's IPO pricing in three stages is increasing, but the current pricing can not full refelct the external market information. Last part is the conclusions of this paper, first summarise the research results, followed by the some sugestions on how to improve the efficiency of our country's IPO pricing.