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Research on Corporate Value and Rationality of IPO Pricing

Author: ZhouRuiZuo
Tutor: HuXin
School: Xi'an University of Electronic Science and Technology
Course: Finance
Keywords: A shares Hong Kong stocks IPO Pricing rationality Value of the company
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 293
Quote: 3
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Abstract


Last couple of years , China's stock market IPO stock performance has been listed on the first day of concern , the market performance of high premium can not help but doubt : Initial public offering price is reasonable, because such a high premium on the market why. This paper is aimed to analyze this phenomenon studied . This paper selected in January 2007 to December 2008 bull market and bear market that spans the typical time period to Shanghai and Shenzhen A-share initial public offering as the research object, IPO Pricing Inquiry System of empirical rationality research . According to the constructed value of the company index system , respectively, from profitability, liquidity, capital structure , management capability and ability to develop five aspects of a comprehensive measure of the intrinsic value of listed companies , using factor analysis , multiple linear regression method to find the stock issue price and the relationship between various factors , and thus the IPO pricing is reasonable judgment ; addition , the paper also considers external factors: IPO volume indicators and market volatility indicators IPO IPO issue price and the market price ( listed on the first day closing price ) effects . This period also selected Hong Kong stocks IPO research , the purpose is to analyze the contrast A shares and Hong Kong stocks IPO pricing rationality differences. Empirical research shows that : A share IPO pricing compared to the intrinsic value of the company to better reflect local market , with reasonable, but two A-share market there is strong speculation, its high degree of premium , IPO issue price-earnings ratio is more emphasis on the market average ; while Hong Kong stocks IPO pricing reflects the value of the company 's major factor in the secondary market and high maturity , have a stronger role in market regulation , can effectively curb speculative atmosphere, the low level of its IPO premium , the earnings release a wider scope. Based on the above findings , put forward to promote the sound development of China's stock market targeted recommendations.

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