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China 's A -share IPO pricing methods and underpricing of IPOs

Author: NiePing
Tutor: WuNianLu
School: Beijing Jiaotong University
Course: Finance
Keywords: IPO Underpricing Factors
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 180
Quote: 0
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Abstract


Corporate IPOs Price (Initial Public Offering, IPO shares short) is an enterprise for the first time allowed public offering underwriters listed company expects the stock public offering will be determined in consultation to a specific or non-specific investors price in the process. Since the establishment of China's stock market has experienced a series of cycles. It also shows the development process, and for China in the development process of the present system reform and transition economies, the enterprise value of the estimation method and estimation process will be subject to many factors. This paper first introduces the research background and significance, research methods and ideas, etc., followed by the stock IPO-related theoretical results are reviewed again by the issue will be discussed ways and pricing methods are divided into two blocks of comparative analysis, the introduction of foreign theories the development and practice of the relevant system of comparing valuations for a variety of theoretical models and their applicability to conduct a detailed comparative study. Finally, on the basis of theoretical research for Chinese IPOs pricing methodology for empirical analysis, including empirical analysis of related factors and applied research. Based on theoretical and empirical analysis of the conclusions, the paper followed the initial public offering for the enterprise made policy recommendations and conclusions related to that business is still based on the value of the stock as a core enterprise value basis, but due to the particularity of China's economic environment so that the relevant price method has its irrationality. Therefore, domestic IPOs pricing not only to learn from internationally accepted valuation methods, but in conjunction with the specific circumstances of the enterprise, such as trade, the issue of timing, etc. to select the appropriate valuation of thinking, change the valuation of corporate earnings as the sole criterion ideas, attention turned to the company's ability to generate cash flow. The first chapter is related to the theory of corporate stock IPO, including the international community for research and related theories of institutional change and the related issue of theoretical research. Belong literature review section. Chapters II and III are discussed from a theoretical point of view of new shares issued two important factors: distribution methods and valuation methods. This paper summarizes the corresponding theoretical conclusions have been made, the theory and reality of China, to discuss ways and means to China's current applicability and the corresponding relationship between the underpricing. Chapters IV and V are empirical analysis stage, through screening-related factors affecting multiple linear regression analysis, the underpricing phenomenon associated with the relationship between factors. Chapter VI belong summary recommendation that summarizes the main conclusions of this paper, and propose appropriate policy recommendations.

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