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论文编号：	2632
作者编号：	2220080625
上传时间：	2010/6/17 16:54:02
中文题目：	黄辉科技股份有限公司新股发行定价研究
英文题目：	Huanghui Limited IPO Pricing Analysis
指导老师：	李莉
中文关键字：	黄辉公司，发行制度，发行方式，IPO定价，询价
英文关键字：	Huanghui Limited, distribution system, distribution methods, IPO pricing inquiry
中文摘要：	在证券市场上，新股发行定价是首次公开发行（IPO）的核心环节，直接影响到证券市场的资源配置效率，其准确性、合理性会在很大程度上影响发行人股票在二级市场上的表现与筹资能力。由于IPO不同定价方式在定价过程中采用的策略不同，因此产生的定价效率也不同。国外学者企业通过设计最优发行机制来提高IPO定价效率。在我国，从1999年7月开始就曾断断续续进行过IPO询价发行试点，但询价机制在我国的全面推行是从2005年1月才开始，国内对询价发行机制的研究还处于起步阶段。 2009年6月中国证监会正式推出了IPO发行体制改革的若干措施，尤其针对IPO的发行定价方式进行了根本性的变革，即不再对新股发行定价进行任何形式的行政干预，完全由发行人与主承销商结合股票的内在价值和市场情况，在对若干符合条件的机构投资者询价的基础上自主定价。 在此背景下，结合新股发行的实务工作经历，本文对黄辉科技股份有限公司新股发行的案例进行了实证分析。 结合上述实证分析，本文认为发行体制改革促使发行人等市场各个参与者更加成熟理性地参与资本市场活动，达到多方共赢市场化的发行机制有助于新股的合理定价，从而有利于股市长远、健康地发展，具有划时代的重要意义。从黄辉公司股票的发行结果来看，新股发行机制改革确立的原则、目标已经得到一定程度的体现，各项指标趋于良好，由改革带来的积极成效初步显现。但同时，在当前发行体制之下，也出现了发行价、发行市盈率偏高、资金超募等问题，值得我们关注并采取适当的措施进行完善改进。 发行股票的合理估值是定价的基础。通过实证分析，本文认为相对估值法中的市盈率法虽然也存在诸多的局限，但在当前国内新股发行中是最主要的定价方法。 最后，本文结合黄辉公司发行中出现的主要问题，对当前发行机制改革提出改进建议，提出引进存量发行、赋予自主配售权等政策性建议及强化承销商的融资业务导向、倡导发行人的融资自我约束及提高投资者的价值判断能力等规范性建议。
英文摘要：	In the stock market, IPO is the initial public offering price (IPO) of core areas, directly affecting the stock market resource allocation efficiency, accuracy, reasonableness of the issuer will significantly affect the stock in the secondary market The performance and fund-raising capacity. As the IPO pricing process in the different pricing strategies used in different, resulting in different pricing efficiency. Foreign scholars issuing companies through the design of optimal IPO pricing mechanisms to improve efficiency. In our country, starting from July 1999 IPO had already been off the pilot issue inquiry, but inquiry mechanism is fully implemented in China from January 2005 to begin. Domestic distribution system of inquiry is still in the initial stage. June 2009 China Securities Regulatory Commission officially launched the IPO issued a number of reform measures, particularly the issue of pricing for the IPO was a fundamental change, that is no longer for the IPO price for any form of administrative intervention, entirely by the Issuer combined with the lead underwriter and the intrinsic value of the stock market, the number of qualified institutional investors, independent inquiry on the basis of price. In this context, combined with practical work experience IPO, the paper Huang Hui Technology Co., Ltd. IPO's case by analysis. Combined with the empirical analysis, it can issue in 2009 reform to further market-oriented pricing of new shares in the IPO pricing and improved inquiry and purchase offer binding mechanism and reducing administrative guidance, the formation of further market-oriented pricing mechanism. While optimizing the online distribution mechanism to enhance the risk of new share subscription reminder to investors the risk of clear distribution market. Hui Huang Company issued from the results, issue of reform has played a positive and important. Market-based mechanism to cause the issuer to issue the various participants in more mature markets such as rational participation in capital market activities, to achieve win-win situation the market mechanism to contribute to the issue of new shares of reasonable pricing, which will help the stock market long-term, healthy development, with epoch-making significance. Issuance of shares from Huang Hui results, IPO institutional reform to establish the principles, objectives have been reflected to some extent, the indicators tend to good, positive results brought about by the reforms began to show. But at the same time, under the current distribution system, there is also the issue price, issue of high price-earnings ratio, super funds raise such issues deserve our attention and take appropriate measures to complete improvements. Reasonable value of the outstanding shares is the basis for pricing. The empirical analysis, it's price-earnings ratio relative valuation method method although there are many limitations, but in the current domestic IPO is the most important method. Finally, this paper Hui Huang Company issued a major problem occurs, the current issue of institutional reform recommendations for improvement, proposed the introduction of stock issued to give independent policy recommendations such as the right placement and enhanced business-oriented finance underwriters, issuers advocacy financial self-discipline and improve the ability of investors to judge the value of the proposed standard.
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