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论文编号：	1712
作者编号：	2120072249
上传时间：	2010/5/20 16:45:42
中文题目：	中国IPO定价方式的研究
英文题目：	The research of China’s IPO pricing mode
指导老师：	肖沂
中文关键字：	IPO 定价方式 IPO抑价
英文关键字：	IPO Pricing mode IPO underpricing
中文摘要：	中国自从1990年分别成立沪深交易所以来，证券市场经历了二十个春秋，经过各项基础性制度的建立与健全、发行制度的改进、上市企业水平以及投资者结构的完善，中国的证券市场已经初具规模。尤其是2005年股改以来，证券市场进行了以股权分置改革为中心的一系列制度性变革，将中国股市提升到了史无前例的发展速度。但作为经济晴雨表的股票市场，却由于上市代表性仍然不高，还未完全起到指示经济好坏的作用。 证券化率，是指一国各类证券总市值与该国同民生产总值的比率，实际计算中证券总市值通常用股票总市值来代表。如果这个指标很高，就说明证券市场在国民经济中的地位很重要，因此它是衡量一国证券市场发展程度的重要指标。美国用了七年将证券化率由50%提升到100%，韩国仅仅用了四年时间，而作为发展中国家的中国，却更是用了惊人的两年时间就完成了这一过程。而在加快证券化率的进程中，新股IPO急速扩张使中国A股市场迅速扩容，因此IPO成为了证券化率提升的一大利器。而在IPO过程中，定价环节是关键步骤，不同的行情不一样的定价思路，于是定价合理性的把握至关重要。IPO市场在证券市场中处于非常重要的地位，发行价格的形成过程不仅反映了整个市场的成熟度，而且也是整个证券市场健康运行和效率提高的基础。而IPO定价问题的解决则是我国证券市场改革发展的重要环节。因此，对IPO定价方式的研究也就更有必要了。 IPO定价不仅在中国乃至世界都是一个难以解决的金融难题。IPO定价的成功不仅要让投资者尽可能地以较高价格把钱从口袋里掏出来，还不能因为这样的定价发行方式对证券市场的持续健康发展造成不利影响。在大多数发达国家当中，证券市场里IPO的定价已历经长时间的探索与考证，已经日趋成熟，对现实股票发行上市有较强的指导意义。我国的证券市场仍处于启动阶段，很多方面还不够完善，不仅新股的定价目标和机制，而且定价的方法也差强人意。这样，IPO缺乏效率，进而使证券市场的资源得不到合理的配置。 对于中国的证券市场来说，从2005年至2009年阶段，是举世瞩目的，经过股权分置改革，A股市场驶进了快车道，迅速成长带动了整个资本市场的繁荣。在这一时间段，资本市场的发行体制变革、基础配套制度建设、上市企业的质量与投资者结构层次等都有了明显的发展，并且这一阶段，中国A股市场发展对于中国股市快速发展更是具有显著的代表性。IPO如何定价，不但对企业的最终所有者的利益有影响，而且也关系到整个经济体系中资源配置的效率问题。所以，对中国A股市场IPO定价方式的研究将为我国证券市场的发展指明方向。 本文从IPO定价理论着手，对影响股票发行定价因素的进行了分析，并对世界IPO定价方式进行了比较研究，通过对我国A股市场近五年来发行新股的统计和分析，评估我国IPO市场化变革的效果。在此基础上，提出了完善我国新股发行定价方式的建议。在研究方法上，本文主要采取实证分析、历史分析、比较分析和图表分析四种基本的分析方法，并且尽量注重定性分析与定量分析相结合，试图从不同的角度来探讨我国IPO定价方式，力求使论证比较充分，分析比较透彻。
英文摘要：	Since China established Shanghai stock exchange and Shenzhen stock exchange in 1990, the stock market had past twenty years .After the establishment of basic system, the improvement of the system of issuance , the list of companies and investors , China's stock market has already begun to take shape. Especially since 2005, the securities market in share-trading reform as a series of institutional change, China's stock market will be elevated to an unprecedented development speed. But due to the representative is not high, the stock market as a barometer of economy is still not fully play the role of instruct economy. Securitisation is the share of the country securities market in GDP, practically calculation of securities market capitalisation usually is used stock market to represent. If the index is very high, the stock market is very important position in the national economy, and therefore it is one measure of securities market development degree of important indexes. In America the rate of securitization from 50% to 100% used 7 years, in Korea only used 4 years, but in China as a developing country, just used two years to complete the course. In accelerating the process of securitization rate, rapid expansion of IPO makes the market to be larger, thus rapidly IPO became a securitization rate ascension. But in an IPO process, pricing is the key step, and different prices follows different pricing ideas, so grasping the rationality of pricing is very important. IPO market in the securities market is very important, the issuing price formation process of the whole market reflects not only the maturity, but also the securities market operation and improve efficiency. And solving the problem of IPO pricing in China securities market is the important link of the reform and development. Therefore, the study of IPO pricing is more necessary. Not only in China and even the world IPO price is a difficult financial problem to solve. The successful IPO price should not only allow investors to take as higher money as possible from the pocket, but cannot destroy the sustained and healthy development of the securities market. In most developed countries, the IPO price has been long exploration, maturing, stock issuance of reality listed strong guidance significance. China's securities market is still in start-up phase, many aspects is still not perfect, not only the new pricing mechanism and the target but also the pricing method is inferior. So, the lack of efficiency of the IPO, make resources of securities market without reasonable allocation. China's securities market, from 2005 to 2009 stage, is remarkable. After stock right decentralized allot revolution, the A share stock market drove into the motorway, rapid growth led the entire capital market prosperity. In this period, the capital market distribution system reform, the basic supporting system construction, the quality of listed companies and investors structure had a obvious development, the A share stock market for the development of Chinese stock market development is significant. IPO pricing, has effect not only for the final the interest of the owners in an enterprise, but also relates to resource allocation problems in the whole economic system of the efficiency. Therefore, the research of China A share stock market IPO pricing gives directions for China securities market development. Based on IPO pricing theory, the influence factors of stock issuance price is analyzed, and the way of IPO price contrasted, through statistics and analysis of the a-share market of China to issue new stocks in nearly five years, Assess the effectiveness of the market-oriented reform of IPO. Based on this, China puts forward the suggestion of IPO pricing. This paper mainly adopt empirical analysis, historical analysis, comparison and analysis of the four basic chart analysis method, and try to notice the qualitative analysis with quantitative analysis, and tries to discuss the IPO price in China from different angle, strive to make comparative demonstration, and thoroughly analyzes.
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