新股发行是资本市场的核心环节,从最初的审批制,历经通道制、保荐制到询价制,新股发行过程市场化不断增强.本文首次从融资超募的角度考察了新股发行制度市场化改革的效果.研究发现,中国资本市场存在明显的融资超募现象;不过,随着新股发行制度市场化改革的深入,上市公司融资超募程度随之显著下降,表明新股发行制度市场化改革明显改善了资本市场的融资效率.“,”The IPO rule is one of key elements of the capital market and the marketization of the IPO process keeps growing,as going through from the initial examination and approval system,then the channel system,the sponsor system,to the inquiry system.For the first time,this paper studies the effectiveness of IPO market-oriented reform using the criteria of over financing.The results show that there is obvious over financing phenomenon in China capital market,but it becomes less and less with the IPO marketization reform.And this means that the market-oriented reform of IPO rule significantly improves the financing efficiency.