This paper tests the underpricing of IPOs of a share market based on the research methods developed from the Western empirical studies and combined with the environment of Chinese stock market.

采用偏相关检验、逐步回归的方法，实证检验了中国股票发行市场的价值低估现象。

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In the first market, the results show that underpricing in uniform price auction IPOs is lowest, but the pricing accuracy is bad.

在一级市场上，实验结果表明，统一价格拍卖IPO机制的抑价率最低，但定价准确性较差；

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