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Research on Chinese Public Company’s IPO Pricing Mechanism and Underpricing

Author: WangXiaoQiang
Tutor: LiRiZuo
School: Dongbei University of Finance
Course: Accounting
Keywords: IPO IPO pricing IPO underpricing
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 216
Quote: 0
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Abstract


IPO is the Company's initial public offering to the community to raise funds, and then the process of listing on the stock exchange. As an important means of financing, IPO's success or not, the development of the company's IPO has an important impact. IPO underpricing is considered to be a valid measure of IPO efficiency indicators. IPO underpricing is a common problem of the world's securities markets, but the overall degree of underpricing than other countries more than underpricing between the different sections of the domestic securities market there are big differences. The first review on IPO underpricing in the commentary of the previous studies, the paper argues that the comparison is to discover the differences and find important means of different reasons. Inquiry system, this issue was implemented in many countries, and the implementation of the results there is a huge difference, based on this article, first explore whether the inquiry system suitable for use and development in China. Between underpricing in China's securities market segment also there is a great difference, based on this article, a comparison of the A shares GEM market and trying to find some revelation to reduce the degree of China's IPO underpricing. Secondly, the introduction of the company's valuation method, the most commonly used three valuation methods: the present value of the valuation method the comparable company law and real options method, the company valuation is the basis of the IPO pricing, different types of companies should adopt different valuation methods, in order to better reflect the value of the company; pricing four categories: fixed-price pricing accumulated bidding inquiry system, the auction mechanism and mixing mechanism. Many scholars in the West through the IPO underpricing proposed many theories explain the phenomenon, the \Then elaborated since our self-generated IPO pricing experienced from government control to the then government control of the market-oriented again until the implementation of the inquiry system and towards a market-oriented development process, and different pricing compared to investigate inquiry system is suitable for use in China. Again, the A shares listed on the GEM IPO companies as samples, and describes the different analysis of IPO underpricing and A shares GEM to compare the beginning of China's securities market should be to enter the market by comparing this article the beginning of high-market-oriented, follow-up and participate in the main high-control mode and heavy responsibility.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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