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China 's securities market is in transition from the socialist planned economy into a socialist market economy, the process of the formation of China 's securities market to establish contact with the capital market opens the door to economic system for the securities market capitalism relevant norms , from gradually groped developed with Chinese characteristics, securities management system , and associated with the securities market will regulate the development and changes in the environment and may be revised , experienced a long period of continuous exploration and improvement process .

IPO的发行方式也不例外，先后出现过网下发行方式（包括认购证表发行方式、与储蓄挂钩发行方式以及全额预缴方式）、上网发行和法人配售相结合、市值配售以及目前的恢复资金申购的询价申购方式，现将各种发行方式说明如下：

IPO distribution methods are no exception , has appeared under the net distribution methods ( including the CALL statement issued manner , and savings -linked issue method and prepaid in full mode ) , Internet distribution and legal placement combined market value of the Placing and the current recovery money purchase inquiry IPOs , now a variety of distribution methods are described below:

早期的认购登记表（含预约单、认购登记表和抽签表）发行新股的方式主要有两种形式：限量发行与无限量发行。1991-1992年，深圳与上海交易所先后实行股票发行新办法，采用限量认购登记表摇号中签认购方式，投资人需要先认购登记表，中签后再购买股票。不管是定点发行预约单，还是1991年底上海交易所采用的认购证，还是1992年深圳交易所采用的抽签表等认购方式，皆具有限量发行的共同点。

Early subscription registration form ( including a single appointment , subscription registration form and ballot table ) by issuing new shares in two main forms : Limited release with unlimited distribution. 1991-1992 Shenzhen and Shanghai Stock Exchange has issued implementing the new approach , using a limited subscription registration form Yaohao way of subscription , investors need to subscribe registration form, and then buy shares in the ballot . Whether booking a single point release , or by the end of 1991 the Shanghai Stock Exchange adopted subscription card, or 1992 using the Shenzhen Stock Exchange by way of subscription draw tables, etc. , all with a limited edition in common. Limit the number of tables makes CALL demand, coupled with the black frenzied speculation , making a lot of money consumed in the CALL statement , resulting in costly subscription . As the first batch of Shanghai stock average issue price of 4.68 yuan , when the subscription card table price is $ 5 ; listed companies through stock issuance financing 913 million yuan , sales income of the subscription table was as high as 913.6 million yuan . December 17, 1992 the State Council issued " to further strengthen macro-management of the securities market notice ", the first issue of the Subscription unlimited trial mode , and in 1995 after the paper 's subscription registration form distribution methods .

( 1 ) more emphasis on historical financial data , such as similar companies in the last three years the average price-earnings ratio , the recent three year average dividend yield , although the use of an average of the last three years to avoid a one year data outliers affect the results , but in the ever-changing the stock market , if totally dependent on historical data to assess the value of IPO companies fear loss of referential .

( 2 ) a formula similar to the choice of a great company to be ma