摘要：股票发行定价机制的演变与发展的研究一直是国内外研究的焦点之一。股票发行与定价的合理性，不仅关系到一级市场投资者的切身利益，更关系到二级市场的健康稳健发展。成熟的市场需要一个完善的定价机制。本文通过对我国股票发行定价机制的研究，详细阐述了股票发行定价机制的历史演变及存在问题，阐述了国内外发行定价机制，最后提出了合理化的建议。

关键词：股票发行 定价机制 市盈率

Abstract：The Evolution of Public Offering customized research and development has been the focus of the study abroad.Stock issuance and the pricing is reasonable, not only to the immediate interests of investors in the primary market, is also related to the health of the healthy development of the secondary market.Mature market requires a sound pricing mechanism. Based on the IPO pricing mechanism of the research, described in detail the history of IPO pricing mechanisms and problems of evolution to explain the pricing mechanism issue home and abroad, and finally put forward the rationalization proposal.

Keywords: stock issue; pricing mechanism; PE

研究新股发行定价在理论和实践上都有十分重要的意义。在理论方面，系统研究我国的新股发行定价问题，对深入挖掘我国发行市场的内在规律和制度特征，对改革新股发行定价方式、提高股票发行市场效率和完善发行市场功能，以及对提高投资银行核心业务能力的最大化，上市企业利益和指导投资决策等方面都具有重要的现实意义。在实践方面，对我国股票发行定价的定价机制及定价方法的研究，对改善定价方法，规范股票市场，提高股票发行定价效率、完善发行市场功能等方面都有重要的意义。可见股票发行定价不仅是理论学术界关心的问题，也是实务界关心的问题。