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Investment banks as underwriters of the stock, is linked bond issuers and investors. Investment bank reputation also affect the quality of the issue price is an important factor. Investment bank's reputation to provide investors with information about the signal quality of listed companies. Investment The higher the bank's reputation, indicating that they better the quality of the underwriting of stocks, investors lower risk stocks, investors IPO pricing will not be low. Conversely, low investment bank's reputation, investors do not will be subscribed, the pricing of shares naturally low.

4. conclusions 结论

Through the IPO pricing factors influencing factors and their impact on the IPO pricing analysis, we can determine a reasonable price for the new shares issued, so that China's IPO pricing mechanism more reasonable.

First, the issue price of new shares is determined by the intrinsic value of the company, the issue price greater degree out of its intrinsic value, high-priced issue, would inevitably lead to the phenomenon of shares break, so that investors lose confidence in listed companies, listed companies is not conducive to smooth financing and rapid development. Consequently, the development of listed companies can not deviate too much from the issue price when the stock's intrinsic value.

Secondly, the factors that can affect the IPO pricing Although many. Should first consider the issue of the company's profitability, the listed company's industry average market price-earnings ratio and other major factors to determine its approximate the secondary market positioning.

Finally, the IPO has more uncertainty, China's stock market is also in a continuous adjustment, ever-changing environment, the Chinese stock market in an economic environment but also its indispensable an important factor.

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