At last, we suggest some measures to improve the IPO efficiency in China.

最后，提出了提高我国新股发行定价效率的有关政策建议。

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The existence of the high IPO efficiency distortion of the China stock market has already influenced its normal full play of different functions.

中国股票市场极高的IPO效率扭曲程度的存在，已经影响到了其各种功能的正常发挥。

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At the same time, the existing defects of IPO mechanism, which result in low efficiency and weak market power are the reasons why the reputation mechanism is yet to take into full effect.

同时，IPO市场上监管制度的缺陷以及由此导致的监管效率低下、市场约束机制弱化，是阻碍承销商声誉阶段性推进的主要原因。

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