首先，本文使用方差分析、无参数估计对不同制度环境对IPO短期抑价的影响进行分析，考察不同发行审核制度以及在一定发行审核制度下不同发行定价机制对IPO短期抑价的影响；
At the first, this study using ANOVA, Non-parameter Estimation to analyze the IPO short-run underpricing in different institutional environments and mechanism to find out the impact from them.
股票发行机制是一个宏观的范畴，不仅指具体的发行制度、发行方式、定价方法，还包括一系列的内外部市场环境。
The stock launching system is a macroscopical concept which entails specific launching system, method, price fixing method as well as a series of internal and external marketing environment.
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