影响我国新股定价因素的研究

摘   要
目前我国股市股权分置改革已经接近尾声，全流通上市已经开始，新股扩容速度非常快。如何确定新股上市首日定价及上市后合理定价，对新股申购和新股上市后进行价值型投资均十分必要。新股上市价格的市场定位受多种复杂因素的影响，具有相当的“不可预测性”。具体地说，这些影响因素既包括发行新股公司本身的财务状况、行业状况、宏观政策等基本面因素，还包括发行价格、资金供求、市场大势、市场偏好等市场面因素。

关键词：新股；定价；因素；分析

Abstract

At present, China's market share-trading reform has been drawing to a close, the full circulation market has begun, expansion of new shares very quickly. How to determine pricing of new shares listed on the first day after the listing and reasonable pricing, purchase, and the new shares after the listing of new shares to the value of investments are very necessary. IPO price of market position by many complex factors, with a "unpredictability." Specifically, these factors include the issue of new shares the company's own financial situation, industry conditions, macroeconomic policies, such as fundamentals, including the issue price, supply and demand of funds, the market trend, market preferences, and other factors of the market.

Key words: IPO; pricing factors; analysis

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