The Institution Evolution Progress Of China’s Initial Public Offering (IPO)

As stock rise since the1980s, the stock offerings of China Stock Markets has ahistory of nearly thirty years, during which the system of initial public offering haveexperienced a number of changes.This article is consider the history of this institutional change as the researchobject. Authors review this evolution perspective from issuance examination、ways ofoffering pricing and issuance of allotment system in the way of historical narrative.and then apply the economic way of thinking to analysis the gain and loss ofinstitutional changes, and to summarizes the problems and disadvantages existing inthe current distribution institutional. Finally, according to these problems Authorsprovide some suggestions for the reform.On the basis of the combination of history and comments, authors believe thatthe direction of reform of IPO system should adhere to the market as the guidance,strengthen the structure of a mediation and regulatory compliance, and pay moreattention to protecting the interests of small investors.