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论文编号：	7388
作者编号：	2120122763
上传时间：	2015/6/9 11:05:43
中文题目：	基于多因素修正的博林特公司IPO市盈率定价研究
英文题目：	Study on BLT IPO Pricing Used the P/E Ratio
指导老师：	黄福广
中文关键字：	市盈率；首发定价；成长性分析
英文关键字：	P/E；IPO Pricing；Growth Analysis
中文摘要：	随着股票市场的不断开放，越来越多的公司加入了上市公司的行列，投资者面对越来越多的上市公司，也变得更加理性。首次公开发行的发行定价合理性不仅关系到投资者，还关系到发行人和承销商的切身利益，同时也会影响一级发行市场及二级发行市场资源配置效率的问题。因此，首次公开发行定价是股票发行中的最为重要的环节，其定价的合理性一直是投资者亟待解决的技术难题。 在中国目前的股票定价市场中，首发定价一直饱受争议，主要是因为中国市场经济体制尚不成熟，资源配置的效率并不高。在市场经济和中国证券市场前进过程中，不少学者提出了诸多的研究理论及观点，这里面包含从股票定价、抑价、发行机制、市场配置效率等方面阐述股票定价存在诸多问题及解决方法。另外国外成熟的金融理论及估值理论也逐渐被国内证券市场借鉴，这都源于中国证券市场的不断成熟和完善，这些理论及研究成果对中国证券市场的发展发挥了重要的作用。 随着中国证券市场的不断成熟，发行体制的转变，市场的作用将发挥越来越多。同时随着中国证券市场的不断开放，其中国证券市场的估值越来越具有合理性，其行业平均市盈率也越来越趋于合理。行业平均市盈率的定价方法也会越来越被广泛的使用，但行业平均市盈率定价方法的最主要弊端是未能充分考虑企业之间与成长性相关的差异因素对其定价的影响。本文主要是解决行业平均市盈率定价方法中企业之间关于成长性的差异因素问题。本文从行业平均市盈率定价的角度出发，对目标公司进行成长性分析，文中列举了26项指标，即26项差异因素，通过综合评分法得出市盈率的修正系数，进而对行业平均市盈率进行修正，最终利用修正后的市盈率，得出目标公司首次公开发行的理论价格。文中利用多因素修正方法，使得行业平均市盈率定价方法更加具有合理性。
英文摘要：	As the stock market continuously open, more and more companies join the listed companies and investors in the face of a growing number of listed companies, have also become more rational. The issue of IPO pricing rationality not only relates to investors, and relations to the vital interests of the issuer and the underwriters, at the same time also can affect the level of issue market and secondary market efficiency of resource allocation issues. Therefore, the IPO pricing is the most important links of stock issuance, the rationality of its pricing has been the investors of the technical problem to be solved. In China's current stock price in the market, the IPO pricing has been controversial, mainly because of China's market economy system is not yet mature, the efficiency of the allocation of resources is not high. In the process of market economy and China's securities market, many scholars put forward many research theory and view, it contains from the stock pricing, underpricing, distribution mechanism, the market allocation efficiency in this paper, the stock price has many problems and solutions. Other foreign mature financial theory and valuation theory also gradually by domestic securities market, it is the result of China's securities market matures and improvement of the theory and research on the development of China's securities market has played an important role. As China's securities market matures, the transition of the distribution system, the role of the market will play a more and more. At the same time with the opening of China's securities market, its estimates of China's securities market will become more and more reasonable, the industry average P/E ratio is becoming more and more tend to be more reasonable. Industry average P/E ratio pricing method will be more and more widely used, but the industry average P/E ratio pricing method of the main disadvantages is failed to give full consideration to the enterprise associated with growth difference between the influence of factors on its pricing. This paper is to address the industry average P/E ratio between enterprises in pricing method about the difference of growth factors. In this paper, from the perspective of industry average P/E ratio pricing, analyze the related target company growth, this paper enumerates the 26 indicators, namely 26 difference factors, through comprehensive evaluation method the correction coefficient of P/E ratio, and to modify the industry average P/E ratio, finally using the adjusted P/E ratio, it is concluded that the theory of IPO price target company. Correction method in this paper, we use many factors, the industry average P/E ratio pricing method is more reasonable.
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