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early 1990s to establish this market par " split share reform completed before the Chinese capital market has undergone a fundamental change in operating platform , from China's capital market into a new era. Tradable regime ended, the circulation market structure is formed , as China's capital market to play its assets in a scientific and reasonable valuation of the basic functions of the basic functions to create the conditions .

In the split share reform is completed , inquiry system is implemented in the background , sort of market-oriented pricing of stock issuance path of China's stock market IPO pricing system is reasonable, as the reform and improvement of IPO pricing and distribution system has a certain practical significance .

From the IPO pricing process of market development point of view, from a pricing system to Inquiry system replacement , meaning inquiry system is better than the pricing system as an option . In the inquiry system, the roadshow program reads the issuing company promotion , making issuing companies, underwriters , institutional investors and other market participants with information asymmetry between the great degree of reduction , underwriters also Inquiry the process can not fully understand the market for newly issued shares of demand conditions, qualified inquiry object can also be fully aware of the basis of information reported more reasonable issue price . From early 2005 inquiry system is implemented, how effective its implementation , in the course of what problems exist in the future inquiry system should be improved how is the starting point of this study and the fundamental purposes. Thus , this paper presents the main research questions later :

(1) IPO ( initial public offering , Initial Public Offerings) pricing is better able to reflect the financial information of the company's fundamentals , how to reflect ?
( 2 ) IPO on the first day of what factors influence the price ? Price to reflect the extent these factors ?
(3) IPO initial return rate how ? Compared with the pricing system , a market IPO price on the first day with the two markets has narrowed the price difference is ? IPO pricing efficiency is improved ?
( 4 ) institutional investors in the IPO pricing is to play its due role ? As a more professional market pricing participants whether they are more rational pricing of new shares contributed ?
The answers to these questions , there will be conducive to the implementation of the results inquiry system to be evaluated , in order to improve the stock issue pricing system to seek suitable means .

The main contents of this paper are:
(1) a market IPO Companies in China listed on the first day of the issue price and the secondary market price reflects the fundamental value of the issuing company 's financial indicators relationship.
( 2 ) the stock issue price of the IPO market is far below the market price of the secondary market , making the IPO there is no risk of excess returns , leading IPO pricing inefficiencies . China's stock IPO pricing efficiency and its influencing factors are also discussed in this paper the second problem.
( 3 ) after the stock market 's short-term price performance and pricing relationships .
( 4 ) the underwriters of the IPO market outlook stable existence or prop behavior .

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