中国IPO定价与国际市场比较

论文编号：JR104     字数:12565,页数:31

摘要:IPO价格又称新股发行价格，是指获准发行股票上市的公司与其承销商共同确定的将股票公开发售给特定或非特定投资者的价格。在这一价格的确定程序中，相关的影响因素包括公司帐面价值、经营业绩、发展前景、股票发行数量、行业特点及市场波动状况等，而这些因素的量化过程会随着定价者选用方法的不同而出现很大差别。
IPO定价是国际金融界公认的难题之一，因为最成功的IPO定价就是发行人能够以投资者可容忍的最高价格顺利发行，而发行失败或以过低价格发行则意味着定价的失败。好的定价制度可以形成真正反映市场供求状况的价格，从而使证券价格能正确引导资金的流动，提高证券市场的资源配置效率。我国A股市场存在着远高于其他国家股票市场的新股首日超额收益。 政府对新股发行价格的管制和二级市场投资者的过度反应是造成我国股票市场 IPO高折价的重要原因。本文将通过比较我国与国际市场的IPO定价方式，以及研究影响我国定价方式选择的原因，最终对我国证券市场式改革提出意见，以及所需改进的方面
关键词     IPO， 新股，定价，我国，比较

The IPO Pricing in China’s Stock Market and Comparison with it in the International Market

Abstract:
In this thesis, firstly, I will overview the theories of IPO pricing, first from the Pricing Model aspect and then from the pricing mechanism aspect. Then, I will discuss practice of IPO pricing in China and the factors which affected it. Moreover, I will compare the result of IPO pricing between in Chinese market and in developed market by their first-day stock price performance. After that, I will discuss the influence and the factors of IPO underpricing. Finally, I will present a brief discussion about the ways to improve Chinese IPO Pricing.
Concerning my research methodology, I will get my results, first by reviewing and analyzing existing literature, documents, essays related to IPO pricing and current regulation of China’s stock market. Then I will benchmark the IPO performance in China with it in the developed market by two means. First, I will compare existed data. However, regarding the lack study on underpricing phenomenon after 2005 reform, I will take a sample of all 194 IPOs issued during 2007 and 2008 in Shanghai Stock Exchange, calculate the first day and long term performance and compare it with, China and second by discussing the example of a Chinese company’s IPO Pricing.
Key words: IPO pricing methods, China, China Petro, developed markets

目录
摘要 2
Abstract: 3
导论 5
研究现状 5
研究方法 7
论文结构 7
1. 简述IPO定价 8
2. IPO定价理论 9
2.1 定价模型 10
2.2 定价机制 11
2.3 抑价现象 12
3. 我国的IPO定价状况 14
3.1 市盈率法 15
3.2 定价机制 15
4. 我国市场新股价格表现与其在国际市场比较 16
4.1 改革前我国新股首日表现 17
4.2 近两年我国新股的首日表现 17
4.2.1 数据选择 17
4.2.2 模型建立 18
4.2.3 统计结果 18
4.3 各国首日回报率表现 19
4.4 高抑价的影响 20
5. 影响我国新股定价的因素和改革建议 21
5.1 影响我国新股定价的因素 21
5.2 我国新股定价的改革建议 22
参考文献 24
附录: 26

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