本文从新股的发行方式及定价方式这一角度,分析其对我国股市IPO定价效率的影响。经研究发现,有无法人配售的参与对我国新股抑价率水平没有明显影响,但向二级市场投资者配售比单纯面向全体投资者公开定价发行的抑价水平要低,此外询价发行方式能有效的降低抑价率水平。 This article analyzes the impact of IPOs on IPO pricing efficiency in China’s stock market from the perspective of issuance methods and pricing methods. The study found that, with or without the placement of the participation of China’s IPO underpricing of the level of no significant impact, but to the secondary market investors than the simple placement of all investors for the pricing of public offering underpricing is lower, in addition to inquiry issued Can effectively reduce the level of underpricing.