我国IPO的价格决定因素研究
我国IPO的价格决定因素研究
【摘要】新股发行定价的有效性与否，不仅直接影响着公司上市前一级市场的融资状况，而且还决定着股票上市后在二级市场的表现。因此，新股上市发行价格的确定显得尤为重要。本文着眼于中国股票市场现状，通过分析发行公司自身质量，发行方式以及二级市场对新股上市后的影响三个方面的影响以探讨IPO抑价的问题。希望通过本论文对该问题的论述，以使得资料数据平等化，提高市场信息透明化的方式，来改善关于新股发行定价过低的问题。
【关键词】 IPO;IPO抑价；发行方式；创业板
Determinants of China's IPO price
【Abstract】As China's social and economic development, the securities market has become much more important, and its own has also been continuous progress and well-developed. In comparison with the West, however, there are still some serious issues, such as serious irrationally investment, over-reaction and speculation frequently, have led to severe volatility in China's securities market, which increase the risk of securities investment. IPO pricing, the validity of it or not, not only directly affect a company's pre-IPO financing market conditions, but also determine the stock went public in the secondary market performance. Therefore, the determination of IPO issue price is very important. This article focuses on China's stock market status, by analyzing the issuing company itself, distribution methods and the secondary market, to explore how these three aspects affect IPO underpricing. And I hope I can give some available advices about improving IPO pricing through this paper.
【Key words】IPO; IPO Underpricing；Issue mode；GEM
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