China's IPOs Pricing Efficiency ——A Comparative Study of the IPO Companies on the Small- and -Medium-size Enterprises Board and the Main Board

The article proposes a relative measurement of the IPOs pricing efficiency. Adop ting the paired test and the stepwise regression method, the article examines th e difference between the companies listed on the small- and medium-si ze enterprises board and the main board in terms of company features and the fi scal information reflected by the offering price. After analysing the findings o f the comparative study both quanlitatively and quantitatively, the article poin ts out that the IPOs pricing efficiency is low , seen in the light of the tradit ional pricing system.