在公司首次公开发行股票的过程中,市场参与者之间存在信息不对称而导致外部投资者难以对发行公司准确定价,以及部分机构投资者对新股使用的估价模型的差别,使得发行价经常与实际价值存在不可忽视的偏差。本文以中国资本市场2006年至2009年的中小板上市公司作为研究样本,考察发行公司的财务信息对新股定价的影响,以及通过剩余收益模型估计的理论价值来确定的新股发行定价效率和新股折价率之间的比较。研究结果表明,发行公司的财务信息与发行价的相关性较高,新股的定价效率比新股折价率的解释能力更强。 In the process of initial public offering, the information asymmetry between the market participants makes it difficult for outside investors to accurately price distribution companies, and some institutional investors use the new stock valuation model differences, making the issue price often The actual value of the existence of bias can not be ignored. In this paper, small capped listed companies in China’s capital market from 2006 to 2009 were selected as research samples to examine the impact of issuer’s financial information on the pricing of new shares and the pricing efficiency of new shares and the discount of new shares as determined by the theoretical value of residual income model Comparison between rates. The result of the research shows that the correlation between the issuing company’s financial information and the issuing price is relatively high, and the pricing efficiency of new shares is stronger than that of the new shares.