The study empirically investigates the effect and mechanism of inquiry objects’relationship networks on IPO pricing，from the perspective of relationship network of capital market’s subject． The results show that the strength and character of inquiry objects’relationship networks play an important role in IPO pricing through affecting individual inquiry objects’offer behaviors． Specifically，collaboratively low price of inquiry objects is more serious when the relationship between the inquiry objects is stronger; IPO pricing is lower when the relationship between the inquiry objects is stronger; participation of QFII aggravates rather than weakens the effect of relationship between the inquiry objects on behaviors of inquiry objects’collaborative low price and IPO pricing． The study expands researches on relationship networks of capital markets by finding the effect of the strength of the inquiry objects’relationship networks on IPO pricing，as well as provides a theoretical basis for solving‘high pricing’questions in IPO markets through market forces instead of only administrative powers．