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nvolved the information provided to investors, therefore, auctions pricing mechanism more efficient than the cumulative order bid pricing mechanism efficiency, while the cumulative order bid pricing mechanism more efficient than fixed-price mechanism pricing efficiency, underpricing are also usually at an intermediate level.

3 .Analysis of factors affecting IPO pricing. 分析影响IPO定价的因素

Factors that affect IPO pricing is very complex. Specifically from the company's intrinsic value, the number of new shares issued, the IPO price-earnings ratio, macro-economic climate and the reputation of investment banks and other aspects to analyze.

3.1 company's intrinsic value 公司内在价值

The issue price of new shares is the manifestation of the intrinsic value of the company the company's intrinsic value is the company's future to give investors the present value of cash inflows and it is the company's investors and potential investors in the company of an expectation value , is the basis of the stock offering price.

Stock pricing process is carried out in the stock value estimates, based on the estimated value of the formation of a price range, and then in the secondary market, according to market supply and demand to the price range of the market can become an acceptable price point.

3.2 IPO price-earnings ratio  IPO市盈率

Usually higher earnings release for investors, meaning that the company's future profitability growth have high expectations, so the higher the IPO price-earnings ratio, the issue of the greater degree of underpricing, but the internal structure of China's stock market price-earnings ratio a huge difference in earnings performance characteristics, size characteristics, industry characteristics is very obvious, but there is the Chinese stock market non-tradable shares, it can not with other countries PER horizontal comparison. Chinese authorities controlled by the earnings release, high-quality corporate earnings are one size fits all regulation generally down, the intrinsic value and the issue price deviates, so after the listing has a higher rate of return, while the inferior enterprise itself is relatively high, but because of information asymmetry can not effectively distinguish among investors and stock market demand and other factors, its With the price was artificially inflated as other high-quality companies.

3.3 macro-economic climate  宏观经济气候

Fundamentally speaking, the country's economic development situation and on the country's economic development has an important impact on a number of factors will have a significant role in the pricing of shares occurs, therefore, faced with its macroeconomic impact analysis, which is of great significance. Macroeconomic cycle changes, or changes in the economy. economic cycles including recession, crisis, recovery and prosperity in four stages. Generally, during the recession, investor psychology would be more cautious, the subscribed shares the enthusiasm is not high, the listed companies in order to attract investors, a lot of funding, it will issue price, to times of crisis, the share price fell to the lowest point, and the beginning of economic recovery, investors' enthusiasm is high, then high release also able to raise a lot of funds, to prosperity, the stock price rose to the highest point.本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。