中文摘要：

新股定价问题一直是国际金融界公认的最具迷惑性的难题之一．用实物期权方法对IPO抑价问题进行研究．结果表明，即使证券市场的信息是对称的，IPO抑价现象是必然的．随着股票市场的发育程度的提高，IPO的抑价程度会降低；中国证券市场的IPO抑价程度高，一方面是来自于普遍存在的IPO抑价的问题，同时来自于中国的IPO定价方式的不合理、股票的不全流通．

英文摘要：

The underpricing of initial public offering （IPO） has been one of the ＂the new issue puzzles＂ in the finance. The paper studes the underpricing of IPO phenomenon by real option methods. The research find that even the information of stock market is symmetry, the underpricing of IPO is inevitable. With the development of stock market, the degree of the underpricing of IPO will be lowed. The reasons of underpricing of the IPO in Chinese stock market, on the one hand come from widespread existing IPO underpricing, and on the other hand, come from the irrationality of IPO pricing way and stocks is not all circulate.