联系我们

论文查询结果	返回搜索

论文编号：	633
作者编号：	2120062619
上传时间：	2008/6/20 9:37:47
中文题目：	我国IPO折价影响因素实证研究 t
英文题目：	Empirical Research on Chinese
指导老师：	黄福广
中文关键字：	IPO定价 股价估值模型 IPO折价
英文关键字：	IPO Pricing Stock Valuation
中文摘要：	新股首次公开发行(IPO)定价理论主要研究新股的定价机制和定价方法，新股发行定价是股票发行中最基本和最重要的环节，是投资银行的核心业务。IPO折价理论研究新股发行价格是否合理，关系到发行是否成功，也关系到发行公司、承销商以及投资者三方的利益。IPO定价的效率反映了整个股票市场的成熟和规范程度。 本文主要从新股定价的定价方式、估值方法和IPO折价理论三个方面出发，研究了包括Rock模型、流行效应假说、信号传递假说等IPO折价理论及国内外学者的研究结论。结合我国IPO制度背景的演变，系统的研究了我国IPO定价方法和IPO折价现象。本文通过对与IPO定价有关的市场主体因素分析，结合基于现金流量贴现模型、经济收益附加值估值模型、相对估值模型和IPO折价的相关理论，分析了发行公司及股票市场特征对IPO折价的影响。然后建立IPO折价影响因素线性回归模型，对可能影响我国股票市场IPO折价的因素进行了实证研究，研究发现每股净资产和首日换手率与IPO折价紧密相关。 最后，本文结合IPO定价估值模型和IPO折价理论对回归结果做出分析和解释，从IPO定价机制、发行方式和市场运行方面提出了建议。
英文摘要：	Initial public offering (IPO) pricing theory studies pricing mechanism and method, since IPO pricing is the most basic and important link in the stock issuing market. It is also the key business of investment banking. Most IPO under-pricing study emphasizes on the fundamental pricing theory, which closely affects the successfulness of stock issuance and the interests of the issuing company, the distributor and the investor. The efficiency of stock issuance reflects the maturity and regularity of the whole stock market. This research is based on IPO price valuation method, models and IPO under-pricing theory. The research studies Rock model, bandwidth effect hypotheses model and other IPO under-pricing theories concluded by domestic and international scholars. It studies IPO pricing method and under-pricing phenomenon during the evolvement of Chinese stock market. With the knowledge of IPO pricing theory, three price valuation models and IPO under-pricing theory, the research discusses the factors of the issuing company and the stock market which are related to IPO under-pricing. The article uses empirical research and builds a regression model based on factors that influence the under-pricing rate. Finally, the research brings forward some suggestions based on the regression result. The solution includes IPO pricing mechanism, the way of issuing and the functioning of the stock market.
查看全文：	预览  下载(下载需要进行登录)