在回顾市场化改革的“初衷”及其过程的基础上 ,选择了涵盖改革前后及其不同阶段的新股为研究样本 ,就样本发行、上市以及上市后一年的价格水平进行了三个层次的比较分析。分析结果表明 ,发行定价的市场化改革没有取得预期的效果。 On the basis of reviewing the “original intention” of the market-oriented reform and its process, the paper selected the new shares covering the pre- and post-reform phases and their different phases as the research samples and conducted three levels of price analysis on the issuance, listing and the year after the listing comparative analysis. The analysis shows that the market-oriented reform of the issue pricing has not achieved the expected results.