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ficant progress in the case , with a new management approach to restore IPO funds purchase shares, is not a simple repetition of the original way , but to adapt to the background and basis for capital market development changing conditions , conform to accelerate the distribution market reform, is issued under the new mechanism innovation by the inevitable choice.

Our IPO pricing system has gone from administrative pricing to market-oriented reforms and gradual process . Limited earnings by the Commission administrative pricing, under the conditions at the time , it should be said for the success of the stock issuance and capital market development has played a positive role , but with the development of capital markets , our country has gradually adopting market-oriented pricing mode conditions on the pricing of new shares priced using inquiry methods , should have two conditions: ( 1 ) in a large number of integrated capital markets stronger underwriters , and has assessed the value of the company's professionals ; ( 2 ) has trained many institutional investors , these institutional investors have a higher valuation and market analysis professional judgment . The end of 2004 , we can say the development of China's securities market has had these two conditions , by the end promulgated on January 1, 2005 implementation of the "On IPO trial inquiry system several issues," is timely . In the inquiry system , as the inquiry objects institutional investors will undoubtedly play a more important role , on the one hand they bear on the issue of the role of business valuation and pricing , and offer to purchase their own . This chapter will examine the issue of the new pricing system, which offers financial indicators of institutional investors play a more important role on IPO pricing has a more significant impact.

March 17, 2001 after the approval system of the stock issuance , IPO pricing mainly through the following three phases: the first 2001 March 17 to November 29 ( with integrated release of Lianhua boundaries ) , the main features of this phase is to "Securities Law" after the implementation of the issue price by the issuing company and the underwriters agreed , IPO price earnings ratio of administrative control from the original pricing transition to open market-oriented pricing earnings . The second stage is November 29, 2001 to January 24, 2005 ( starting from Lianhua integrated into Huadian end ) , the main characteristics of this stage is highly market-oriented IPO pricing by the earnings back to the control phase, the provisions IPO not more than 20 times earnings . The third stage to inquire first shares issued as a symbol Huadian , until now. IPO pricing at this stage mainly international roadshow inquiry more popular way , in theory , have a professional evaluate the quality and strong participation of institutional investors , using the method developed by the IPO price should be more reasonable.

On the relationship between financial indicators and pricing study first major use of principal component analysis , followed by multivariate regression analysis ; IPO pricing change testing the effects of a cross- comparative analysis, analysis of financial indicators reflect different periods of the degree of difference . Specific ideas are as follows :
First, using principal component analysis reflects the fun