Study on the relationship between Underwriter's reputation and IPO underpricing——Based on china's issuance system

Referring to foreign underwriter's reputation theory,this paper tries to use the data of 793 A—share samples to test the relationship between underwriter's reputation and IPO underpricing with the reform of China's stock issuance system.This paper finds out that,with the change of stock issuance system,underwriters have gradually strengthened their reputation construction;from the view of China's stock pricing system,on the whole,there is a positive relationship between underwriter's reputation and the IPO underpricing.