中文摘要：

承销商利益与发行人利益一致导致新股发行价格高。以截至2014年3月底以来在创业板首发上市的379家公司为研究对象，控制了市场环境、公司行业、规模和市场利率等其他因素后进行实证检验，发现新股发行成本与发行市盈率显著正相关且这种关系受市场环境的影响，还发现新股发行市盈率受市场环境、公司资产负债率、询价机构数量显著正向影响，与市场利率和发行前规模显著负相关，与公司业绩和承销商声誉的关系显著性不高。研究证实承销商收益与发行价格的正向关系，确定了其他主要影响发行市盈率的因素，对新股发行改革具有参考意义。

英文摘要：

The common interests of underwriter and issuer lead to high issue price of new shares. This paper uses 379 companies on the gem IPO before March in 2014 as the object of study, and does an empirical study under the control of the market environment, industry, scale and market interest rates and other factors. The results show that the issue cost and the PE are significantly positive correlation, and this relationship is affected by market environment, the PE is positively affect- ed by the market environment, the assets liabilities ratio, the number of Inquiry institutions and is significantly negative affected by the market rate and the release scale. The relationship with the performance of the company and underwriter reputation was not high. The empirical study confirmed the positive relationship between underwriter interests and the issue price, determined other main influence factors, it has significantly reference to our country＇s IPO reform.