The Study Of IPO Pricing Efficiency In Different Issuance Ways On Small Plate Stock Market

China's stock market has aroused the attention of the Scholars because of its high IPO initial returns, efficiency losses affect the normal functioning of the stock market. In recent years, with further research, scholars paid more attention at Issuance Ways, which is a factor effect the efficiency of IPO pricing efficiency. From the perspective of Issuance Ways, this article analyzed the impact mechanism of Issuance Ways on the IPO pricing efficiency.First, on the basis of the theoretical analysis, we analyzed four participants'behavior in the process of IPO pricing behavior, and then build a three-dimensional analysis of China's distribution framework, using the allocation rules, the number of decisions issued rules and issue price determination rules analyzed the difference among worldwide Issuance Ways and China's Issuance Ways. We found before June 10,2009, the mechanism for issuing the stock closer to the Issuance Ways, called old inquiry mechanism; after Jun 10,2009, improved inquiry mechanism is Consistent with the International inquiry mechanism, called new inquiry mechanism. On the basis of the theoretical analysis, we analyzed the impact mechanism of distribution mechanism on the IPO pricing efficiency:Information sharing, vertical control, horizontal supervision. Information sharing is a prerequisite; we proposed a theoretical assumption that new inquiry mechanism of IPO pricing efficiency should be higher than the old inquiry mechanism.Second, in order to better illustrate distribution methods affects IPO pricing efficiency, we made distribution methods as a dummy variable introduced into the model of IPO pricing efficiency; then through empirical analysis on Small board market from June 19,2006 to May 31,2011 listing of 437 data, found new inquiry mechanism was significantly higher than the old inquiry mechanism for the IPO pricing efficiency, indicating that China's stock market reforms is in the right direction; distribution methods have a significant effect to IPO pricing efficiency.This paper argues that during the capital market reform, we should pay more attention to distribution methods, optimize information disclosure mechanism, market demand-orient, reduce market speculation in the atmosphere, thus achieving the ultimate goal of improving market efficiency.