中文摘要：

本文从微观决策环境出发构建一个信息不对称条件下的IPO定价模型并借助双边随机前沿方法对我国市场的IPO定价效率进行实证研究。研究发现：IPO市场信息不对称使得我国中小板上市公司IPO的实际价格低于内在价值,定价效率偏低;多数公司以低于内在价值的价格发行新股,但不同公司的折价程度有所差异;折价效应、溢价效应以及二者净效应在年度、规模、承销商声誉方面均具有一定程度的异质性特质。

英文摘要：

This paper focuses on measuring IPO pricing efficiency of listed SMEs in China. Specifically, it starts by constructing an IPO pricing model under the condition of asymmetric information, then, conducts empirical study to measure the IPO pricing efficiency by implementing Two-Tier Stochastic Frontier methodology. The fundamental research unfolds that, for listed SMEs in China,（1） asymmetric information of IPO pricing lead issuing prices lower than intrinsic value;（2） the actual issue price is higher than the intrinsic value, and more than the research samples chose to issue their outstanding shares with prices lower than the optimal theme;（3） the underpricing effect, overpricing effect and net effect possess heterogeneous characteristics among listed SMEs, depending on different time, size of enterprises and the reputation of underwriters.