我国IPO定价分析IPO Pricing Theory Analysis

The company value and the pricing relates the multitudinous members of different social classes’ economical benefit, develops the very important function to the entire social economy. The social economy long-term stable development needs the capital and the labor force continue to put. The company value directly affects investor's wish. The company value pricing rationality through affecting the investor wish affect one society's investment level, then affects the economical growth.
  IPO pricing is considered as one of the most puzzling problems in international financial market, because the successful IPO means that the stock will be issued at the price of investors’ highest tolerance. On the contrary, the too low price issuing or IPO failure can due to unsuccessful IPO pricing.
The Chinese stock market has only ten years history, so our stock market is not ripe yet. That is to say, we are not as good at IPO pricing as western countries and usually influent by the objective factors. In addition, there are also some problems in pricing mechanism.
   This article mainly emphasis on analyzing the objective and subjective factors in IPO pricing, compare with the pricing models and make applicable study, especially underpricing phenomenon. And then rise up some suggestions.

Key words: IPO pricing, Underpricing, Influence factors, Marketable
 

摘      要
  上市公司是证券市场的基石，上市公司的稳健经营、持续发展直接推动证券市场的健康运行。证券市场作为资源配置的重要市场，直接影响资本的配置效率。
公司价值定价的合理性通过影响投资者的投资意愿进而影响着一个社会的投资水平，而投资则直接影响着经济增长，同时合理的定价水平也会影响公司的筹资意愿，从而影响社会资本的形成，而证券市场的IPO定价，对公司、证券商和投资者均具有非常重要的意义。
IPO定价是国际金融界公认的最具迷惑性的难题之一，因为最成功的IPO定价就是发行人能够以投资者可容忍的最高价格顺利发行，而发行失败或以过低价格发行则意味着定价的失败。
新中国股市从1990年正式运行至今只有短短十余年的历史，由于我国证券市场发育尚不成熟，IPO定价程序中主观因素影响的成分更大，定价确定的科学性、规范性较欧美国家相对成熟的市场要远为逊色，而在定价方法的运用上也存在着不少问题。
本文从影响IPO定价的因素入手，分析主客观因素中不利于IPO定价的消极方面，细数目前已有的各种定价模型并对其缺陷和与我国国情结合的可行性分析，着重分析抑价现象。从而得出关于我国IPO定价的一些相关建议。

关键词：IPO定价， 抑价， 影响因素， 市场化

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