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论文编号：	224
作者编号：	20022453
上传时间：	2008/6/16 14:58:59
中文题目：	投资银行的IPO项目价值评估模型
英文题目：	Research on IPO Project Evalua
指导老师：	戚安邦
中文关键字：	IPO；项目评估；项目价值；评估<
英文关键字：	IPO; project evaluation; proje
中文摘要：	本研究以投资银行承销上市公司首次公开发行股票的金融业务实务为研究对象，从投资银行的角度出发，运用项目管理的方法，研究目标涵盖从IPO项目筛选到IPO 项目价值评估结束的全过程，对投资银行如何进行研究IPO项目价值评估进行了相关的论述, 构建了IPO项目价值评估模型，建立了相应的方法，并对该模型和方法运用市场数据进行了初步的验证，得到了能够指导投资银行IPO业务实践的IPO项目价值评估模型和方法。 证券市场的快速发展在为我国经济发展做出了巨大贡献的同时，也为学术界提供了广泛的研究素材。近几年，IPO市场的发行机制经历了由审核制向核准制过渡为代表的一系列重大转变，IPO市场规则发生了翻天覆地的变化，剧烈的变动产生了实践中理论指导的空白。这成为了本研究开展的直接动力。在资本市场市场化程度不断提高的今天，IPO市场的各参与者，特别是投资银行在面对IPO市场的政策机制转换的过程中，急需将各种理论指导实践。本文即从满足该需要出发，将项目管理学，投资学等相关学科的理论应用于指导投资银行的IPO业务实践。本研究从投资银行的角度出发，围绕投资银行自身利益最大化的目标研究IPO项目价值评估的方法。 在研究过程中在借鉴、梳理前人在评价方法、评价理论、价值哲学研究的基础上，运用文献资料法、比较研究法、分析与综合法、演译与归纳法、调查研究法实现了指标和模型的构建。具体而言，本研究首先通过文献资料法分析了IPO项目价值评估的现状和在我国证券市场开展这项研究的必要性，同时根据项目价值评估方法论的基本观点和理论，确立IPO评价体系构建的一般原则。然后根据投资学的相关理论进行企业IPO定价的分析，最后构建集项目选择、IPO定价、风险评估、收益评估等相关内容的IPO项目价值评估体系的具体内容。然后将已确立的IPO评价体系构建的一般原则指导相关研究，使用对比分析法和分析综合法构建评估模型。利用该评估模型指导评价实践，进行实证研究。最后将根据实证研究的结果，归纳和总结更为有效的方法，从而丰富项目价值评估方法论的理论内容，最终在得到一整套IPO业务项目价值评估体系的同时对项目价值评估理论体系进行必要的完善和补充。 本论文研究的主要内容是：首先提出和界定了本研究的问题并对研究背景、研究意义和国内外相关领域的研究现状等进行了深入地探讨，从而提出了本文所要研究的主题和具体内容；然后研究并讨论了IPO项目价值评估的模型和方法，具体从IPO项目备选方案确定的方法、IPO项目价值抑价率评估模型选择、IPO项目确定性价值评估方法、IPO项目风险性价值评估方法四个方面进行研究；进一步对本研究提出的模型和方法进行了实证分析和验证，并提出有关上述模型和方法的具体使用要求和办法；最后对本文的研究工作、结论以及创新点进行总结，并提出后续研究建议。 本研究得出的主要结论是： 首先，投资银行要确定IPO项目的价值必须进行证券市场等诸方面的分析，因为任何IPO项目都涉及诸多的项目相关利益主体，在投资银行的IPO项目过程中必须科学地安排好各项目相关利益主体的利益分配，从而实现投资银行自身利益的最大化。其次，研究表明IPO项目适合使用项目管理理论进行评估，但是由于其具有和证券市场联动的特点，因此进行该类项目评估必须时刻考虑的证券市场的变化，IPO项目价值抑价率评估模型、IPO项目确定性价值评估模型、IPO项目风险性价值评估模型的建立必须将证券市场的价格指标作为重要参数。第三，提出了对IPO实行项目管理的前提是投资银行作为独立中介机构运作IPO项目。通过对市场参与各方的利益分析和对调查问卷的分析我们得到结论，长期以来IPO项目很难以项目管理和评估的方式运营的原因在于投资银行和IPO公司利益关联紧密，而投资者处于价格接受者的地位。不论是证券市场的发展现状，还是项目管理的科学规律，都要求投资银行在成熟的市场中充当独立的中介机构，对IPO项目实施管理。同时通过本研究构建了投资银行进行IPO项目备选方案确定的一般方法、适合中国证券市场IPO定价的方法以及IPO项目的风险价值度量方法。
英文摘要：	From the angle of investment bank, by using the method of project management, the dissertation takes financial practice of investment bank’s IPO business as research object. Research target of the dissertation covers the whole process from project selection of IPO business to the end of IPO project evaluation, and related theory has been made on how investment bank conducts IPO project evaluation. In the dissertation, integrated valuation appraisal model of IPO project and related method have been constructed, and preliminary verification has been made on the model and the method by means of market data, and get an integrated valuation appraisal model and method of IPO project that can be the guidance for the practice of investment bank’s IPO business. The rapid development of securities market has made great contribution to our country’s economy. Meanwhile, it also provided wide range of research materials for academic world. As the source of trading products of capital market, enterprise’s IPO business has become an important field of theoretical research because of its importance in macro management. While in recent years, the mechanism of IPO market has experienced a series of important changes represented by the transformation of approval system into authorization system. Regulation of IPO market has changed sharply, while great changes led to the blank of theoretical guidance in practice, which became the direct driving force of this study. At current stage when the marketization degree of capital market keeps improving, all the participants of IPO market need different theories to guide practice urgently, especially when investment banks face the process of policy transformation in IPO market. The dissertation is aimed at satisfying the requirement, applies related theories of project management and investment to the guidance of practice of investment bank’s IPO business. From the angle of investment bank, the dissertation makes research on method of IPO project evaluation on purpose of maximizing self-interest of investment banks. In the process of research, on the basis of learning from other researcher’s study on evaluation method, theory and valuation philosophy, by using literature material method, comparison method, analysis and integration method, deduction and summarization method, investigation and research method, it realized construction of index and model. To be accurate, firstly, the dissertation made analysis on the current situation of IPO project evaluation by means of literature material method and the necessity of doing the research in our country’s securities market. At the same time, general principle of the construction of IPO evaluation system was set up according to the basic perspective and theory of project evaluation methodology; on the other hand, to make analysis on pricing of enterprise IPO according to related theory of investment, and finally construct detailed content for IPO project evaluation system with combination of related content such as project selection, IPO pricing, risk evaluation, income evaluation and integration of evaluation model. Then using the general principle constructed by the confirmed IPO evaluation system to guide related research, and use comparison analysis method and analysis integration method to construct evaluation model. To use the evaluation model to guide evaluation practice and do empirical research. Lastly, by analyzing and summarizing more efficient method according to the result of empirical research, so as to enrich the theory of project evaluation methodology. Finally, at the same time when getting a complete set of project evaluation system of IPO business, it made necessary replenishment and perfection to project valuation theory system. The dissertation consists of 4 parts. In the first part (Chapter 1 to Chapter 2), to raise and analyze questions, and then made deep investigation on the dissertation’s research background, significance of research, current situation of the study in related field in both domestic and abroad, and then raised research proposition of the dissertation; the second part is to solve problems (Chapter 3 to Chapter 7), specify the content of IPO project evaluation, and solve problem from aspects such as confirmation method of IPO project alternative plan, choice of evaluation model of IPO under-pricing rate, IPO project certainty evaluation, IPO project risk evaluation; The third part is to verify through practice (Chapter 8), to make market verification on related research conclusion drown from the third chapter to the seventh chapter and put forward usage of the theory mentioned above; the final part is conclusion (Chapter 9), to make summary on main research works, conclusion and innovative points in the dissertation, and put forward suggestions on follow-up research and outlook. Conclusions drown from the research are as follow: firstly, affirmed that IPO project evaluation must be closely combined with financial market analysis. Through analyzing interest subjects related to IPO project. It made analysis on interest distribution among different participants of securities market from the angle of practice. It pointed out different characteristics of IPO business project evaluation, and set foundation for the construction of follow-up models. Research shows that project management theory is suitable for IPO project evaluation, but because it has the characteristic of interacting with financial market, so that we should always think about the changes of capital market when this kind of project evaluations are being made. Secondly, defined that the precondition of implementing project management on IPO business is investment bank should run IPO project independently as intermediary. Ever since a long time ago, investment banks and IPO companies have been in close relations in the process of IPO, while investors are usually at the position of price accepters, which makes it hard to run IPO project by means of project management and evaluation. But, no matter the development rule of securities market or project management itself both require investment bank play the role of intermediary independently in mature market. Through analysis on interests of market participants, we got the conclusion that investment banks run IPO project independently as intermediary is the precondition of implementing project management in IPO business.
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