目前,我国股票发行大多采用上网定价发行方式。此种方式在中国证监会《关于股票发行与认购方式的暂行规定》中已有明确规定。上网定价发行方式利用交易所的交易网络系统,减少了发行的中间环节,成本低,效率高,彻底杜绝了一级半市场的生存空间,较好的体现了“公开、公正、公平”的原则。但这种发行方式引出了另一个问题,即定价的合理性。目前,股票的发行价格是由公司发行前三年的平均每股税后利润乘以经批准的市盈率的乘积决定,即股票发行价格=公司前三年平均每股脱后利润×市盈率。市盈率是决定新股发行价格的重 At present, most of the stock issuance in our country adopts the pricing method of Internet access. This approach has been clearly defined in the Interim Provisions on the Method of Stock Issuance and Subscription by China Securities Regulatory Commission. Internet pricing method of distribution using the Exchange’s trading network system, reducing the middle of the distribution, low cost, high efficiency, completely eliminate the living space of a market, a better embodiment of “open, fair and equitable” the rules. However, this issue leads to another issue, that is, pricing is reasonable. At present, the issue price of a share is determined by multiplying the average after-tax profit per share for the first three years of the company by the multiplied product of the approved P / E ratio. That is, the issue price of the shares = the average earnings per share excluding share of the company after the first three years of the company × P / E ratio. Price-earnings ratio is to determine the IPO price of heavy