新股发行定价是股票发行市场的核心环节。它的市场化程度实际上是衡量一级市场效率的指标,定价是否合理会直接影响到股票市场的资源配置效率。由于信息的不对称、风险水平的不确定,首次公开发行股票的发行价格与实际价值之间往往存在着差异,它表现为股票上市后的交易价格与发行 IPO issue pricing is the core issue of the stock market. Its degree of marketization is actually an indicator of the efficiency of the primary market. Whether the pricing is reasonable or not will directly affect the efficiency of resource allocation in the stock market. Due to the asymmetric information and the uncertain risk level, there are often differences between the issue price and the actual value of IPOs, which are expressed as the transaction price and issue after the listing of shares