| Effective stock market can play the following roles in resource allocation according to efficient market theory. First, the stock price can reflect the economic efficiency and the ability to obtain profits of the issue company, so that will lead the capital flows, strengthen the survival of the fittest mechanism and maximize the benefits of resource allocation. Second, because the investments can't get excess returns in the capital market, the speculation is curbed. The stock market will become a long-term investment place, which also promote the development of industrial investment and the efficiency of resource allocation.With the development and improvement of our shares market gradually, the mechanism of IPO pricing is open to the market. But a large number of research shows that IPO under-pricing is still very high in china. That to say, pricing inhibits the efficiency of stock market in resource allocation, it is very imperative to speed up the process of market pricing.This paper is divided into four parts. The first part introduced the theory of IPO pricing and summarized the achievement of related research. Partâ…¡sorts out the IPO Pricing in the market process. The third part of the market, according to the degree of IPO pricing evaluation methods and analytical background, selected the percentage of outstanding shares, issue price-earnings ratio, circulation, turnover and other variables as independent variables. The empirical analysis gets the conclusion that the IPO market pricing level has been improving, but still need to be further promoted, which is tested by quantitative variables statistical analysis and regression analysis. The fourth part based on the empirical research findings, made some suggestions to put the process of market pricing from the standpoints of issue condition and the way of pricing. |
