中國IPO定價與國際市場比較

金融論文編號：JR104     字數:12565,頁數:31

目錄
摘要 2
Abstract: 3
導論 5
研究現狀 5
研究方法 7
論文結構 7
1. 簡述IPO定價 8
2. IPO定價理論 9
2.1 定價模型 10
2.2 定價機制 11
2.3 抑價現象 12
3. 我國的IPO定價狀況 14
3.1 市盈率法 15
3.2 定價機制 15
4. 我國市場新股價格表現與其在國際市場比較 16
4.1 改革前我國新股首日表現 17
4.2 近兩年我國新股的首日表現 17
4.2.1 數據選擇 17
4.2.2 模型建立 18
4.2.3 統計結果 18
4.3 各國首日回報率表現 19
4.4 高抑價的影響 20
5. 影響我國新股定價的因素和改革建議 21
5.1 影響我國新股定價的因素 21
5.2 我國新股定價的改革建議 22
參考文獻 24
附錄: 26

摘要:IPO價格又稱新股發行價格，是指獲準發行股票上市的公司與其承銷商共同確定的將股票公開發售給特定或非特定投資者的價格。在這一價格的確定程序中，相關的影響因素包括公司帳面價值、經營業績、發展前景、股票發行數量、行業特點及市場波動狀況等，而這些因素的量化過程會隨著定價者選用方法的不同而出現很大差別。
IPO定價是國際金融界公認的難題之一，因為最成功的IPO定價就是發行人能夠以投資者可容忍的最高價格順利發行，而發行失敗或以過低價格發行則意味著定價的失敗。好的定價制度可以形成真正反映市場供求狀況的價格，從而使證券價格能正確引導資金的流動，提高證券市場的資源配置效率。我國A股市場存在著遠高于其他國家股票市場的新股首日超額收益。 政府對新股發行價格的管制和二級市場投資者的過度反應是造成我國股票市場 IPO高折價的重要原因。本文將通過比較我國與國際市場的IPO定價方式，以及研究影響我國定價方式選擇的原因，最終對我國證券市場式改革提出意見，以及所需改進的方面
關鍵詞     IPO， 新股，定價，我國，比較

The IPO Pricing in China’s Stock Market and Comparison with it in the International Market

Abstract:
In this thesis, firstly, I will overview the theories of IPO pricing, first from the Pricing Model aspect and then from the pricing mechanism aspect. Then, I will discuss practice of IPO pricing in China and the factors which affected it. Moreover, I will compare the result of IPO pricing between in Chinese market and in developed market by their first-day stock price performance. After that, I will discuss the influence and the factors of IPO underpricing. Finally, I will present a brief discussion about the ways to improve Chinese IPO Pricing.
Concerning my research methodology, I will get my results, first by reviewing and analyzing existing literature, documents, essays related to IPO pricing and current regulation of China’s stock market. Then I will benchmark the IPO performance in China with it in the developed market by two means. First, I will compare existed data. However, regarding the lack study on underpricing phenomenon after 2005 reform, I will take a sample of all 194 IPOs issued during 2007 and 2008 in Shanghai Stock Exchange, calculate the first day and long term performance and compare it with, China and second by discussing the example of a Chinese company’s IPO Pricing.
Key words: IPO pricing methods, China, China Petro, developed markets