以2000年1月1号到2003年12月31日期间在上海证券市场发行的A股新股为样本,对发行方式与初始回报的关系用多元回归分析进行研究,得到三个发现:以询价方式发行的新股定价偏低;向二级市场投资者定价配售与初始回报间存在负的显著相关关系;有机构投资者参与IPO的新股具有较高的初始回报.同时,对三个发现给出了进一步的解释. Taking the A-share new shares issued in the Shanghai stock market from January 1, 2000 to December 31, 2003 as samples, the author conducted a multi-regression analysis on the relationship between the issuance pattern and initial return. Three findings were obtained: The price of new shares issued by way of issuance was low, the relationship between the placing and initial return of investors in secondary market was negative, the initial return of new shares with institutional investors participating in IPO had higher initial returns, and three discoveries were given For further explanation.