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论文编号：	613
作者编号：	2120062019
上传时间：	2008/6/20 0:49:58
中文题目：	基于聚类分析的我国中小企业板IP
英文题目：	The Research of IPO Pricing in
指导老师：	王全喜
中文关键字：	IPO定价 中小企业板 行业聚<
英文关键字：	IPO pricing Small and Medium
中文摘要：	2004年6月25日深圳股票交易所中小企业板正式启动，为中国中小企业上市融资提供了渠道，特别是为具有发展潜力的高成长性中小企业提供了一条新的融资渠道。中小企业板作为新兴的资本市场板块，具有重要的研究意义。然而由于政策的限制，现在中小企业板上市规则与现行的主板市场之间有明显的区别。这样就存在一个如何对中小企业板公司进行上市定价的问题。而股票发行定价作为股市运行极为关键的一环，它的合理与否将直接关系到整个股市运行的效率，制定合理的新股发行价格，已成为理论界和实务界共同关注的热点。¬¬ 由于多层次多方面因素的影响，IPO定价是一个复杂的动态过程，也为研究工作提出了挑战。本文首先阐述和分析了IPO定价的基本理论——内在价值理论和因素模型，对相关概念进行了界定，并对国内外学者关于新股发行定价问题的研究成果做了回顾，为本文奠定了理论基础。 论文分析了目前现有估值方法在中国应用的局限性，随后结合中小企业板上市公司的总体特征和发行模式，系统地从影响中小企业板IPO定价的内在因素、外在因素和利益相关者三个方面研究了这些因素与IPO定价的关系。在理论分析的基础上，选择影响IPO定价的各类内外因素，并做出假设，同时选取中小企业板股权分置改革以来的发行新股作为研究样本，利用多元线性回归方法作分析，找出影响IPO发行价格的6个主要因素。然后，将定价研究集中到行业中进行，以多元回归得到的主要因素作为聚类指标，选取某一行业（本文选取机械设备行业）已发行股票为样本，对其进行聚类分析和判别分析，建立该行业新股发行定价的衡量体系，以期为拟发行新股的公司提供定价指导。合理的新股定价不仅可以有效的控制发行风险，降低承销商的风险，使IPO公司筹集到所需资金，而且也有利于资本在一二级市场的有效配置，从而促进整个股票市场的良性发展。
英文摘要：	On June 25th ,2004, the startup of Small and Medium Enterprise (SME) Board in Shenzhen Stock Exchange offers a channel to the financing for Chinese SMEs，especially the companies growing highly. As a segment of the new capital market, Small and Medium Enterprise Board is of important significance. But it’s obviously different with the main board market in rules. Then，there is a question that how to price the companies when they prepare to do initial public offering (IPO). IPO pricing, as an essential part of the run of the market, will influence the efficiency of the entire stock market. The pricing of IPOs has become one focus in the current theory and the practicing field. Because of the influence factors in many levels and aspects, IPO pricing is a complex dynamic process. It makes the research work more difficult. This paper first elaborated and analyzed the main IPO pricing theories - intrinsic value theory and the factor model, defined some related concepts, then reviewed the related research on IPO pricing. This part lay a theoretical foundation for the whole research. Because of the immature Chinese capital market，the pricing model such as discount cash flow and economic value added are not very feasible. Then small and medium enterprises' overall situation，characteristics and the individual offering pattern were introduced and discussed. On this foundation, the factors in three aspects that affect the IPO pricing for Chinese SME board include the intrinsic factors, the external factors and the benefit correlations, and the relations between these factors and the IPO pricing were systematically studied. By the theoretical analysis, the factors were selected inside and outside that influenced the IPO pricing, and the supposition was made, at the same time the SME board share stocks released in the recent 2 years after the reform of the segmentation of stocks were selected as the research sample. Then through stepwise multi - regression analysis, the paper discovered six primary factors affecting the IPO pricing, and made the corresponding explanation. Finally, the pricing research concentrated to the industry. The primary factors got by stepwise multi - regression analysis were used as the cluster factors, and an industry (this paper chose mechanical equipment industry as a sample) was selected as a sample. Then this sample was analyzed by the methods of cluster and discriminant. It will establish the system to decide the IPO pricing in the industry and will help the IPO companies to give a reasonable price. Furthermore, appropriate new issue stock pricing may control the new issue risk both for listed companies and underwriter . In addition，reasonable pricing is helpful for resource allocation in capital market.
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