Is the First-stage Book-building Reform Effective
实证发现第一阶段询价制度改革显著提升了IPO定价效率，但机构投资者将风险转移给零售投资者，导致不公平从利润分配转向风险承担。
The empirical results of this paper suggest that,IPO pricing efficiency has been improved significantly after the first-stage book-building reform,and the abolition of SEC's window guidance sets preconditions of IPO pricing efficiency improving,furthermore the increasing of competition among inquired objects is essential motives of IPO pricing efficiency improving;the effect of stock selection of institutional investors is significant, thus the added investment risk incurred by pricing efficiency improvement has been transferred to retail investors partially.For retail investors,manifestation of inequity has been transformed from profit distribution inequity before reform into risk taking inequity after reform and further improving pricing efficiency is likely to generateWinner's Curseof retail investors.The future reform of issuance system should not only improve pricing efficiency but also pay more attention to restricting the ability of institutional investors to shift the risk to retail investors.