Abstract: The stock issuance pricing system is not only directly related to the interests of market entities, but also related to the efficiency of resource allocation, so the reform of the new stock pricing system has always been the top priority of China's securities market reform. This paper first systematically reviews the evolution of the IPO pricing system in China's stock market, and on this basis, focuses on the empirical comparative analysis of the effect of the pricing system reform at each stage, and shows that the overall effect of the reform of the IPO market-oriented pricing system carried out in China from 1999 to 2001 is not significant, not only does not realize the basic intention of the reform, but also has no obvious effect on improving the pricing efficiency of stock issuance.

Keyword: Initial public offering; Pricing system reform; Pricing efficiency