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Analysis of IPO pricing mechanism IPO定价机制的分析
Abstract  摘要
IPO reform brought by the "three high" phenomenon, namely high issue price, high price-earnings ratio, superb raised funds and shares break, not only damages the interests of investors in the secondary market, but also contrary to the law of market value, undermining the the stock's intrinsic price order. Based on the IPO pricing factors were analyzed, obtained frequently break new stage of China's IPO pricing mechanism is mainly caused by the irrational, and for this proposed corresponding reform proposals.
股发行体制改革提出的“三个高”现象,即高发行价、高市盈率、高超募得资金和股票,不仅损害了二级市场投资者的利益,而且与市场价值规律相反,削弱了股票价格的内在秩序。基于IPO定价的因素进行了分析,得到了经常打破新阶段中国IPO定价机制影响因素主要是不合理造成的,并为此提出相应的改革建议。

1.A research background  研究背景

IPO on the stock market over the years is one of the most talked about topics In 1963, the U.S. Securities and Exchange Commission first proposed IPO underpricing problem. Subsequently, a large number of scholars on IPO underpricing problem is studied. Related studies show that in the whole Almost all of the world stock market there are different degrees of IPO underpricing phenomenon in China's capital market development, IPO pricing is always high underpricing prominent exception, shares had the highest first-day gain of 800%, and fresh below the issue price on the first day there is a case to become a great spectacle .2010 stock market since shares break to occur. especially GEM "three high" --- high issue price, high price-earnings ratio, superb fund-raising gold shares break massive strikes, breaking the "shares undefeated" myth --- dozen new investors in the primary market can get excess returns. IPO pricing is too high or too low will produce a bad effect: IPO overpricing reducing the stock in the secondary market profit margins, especially in the case of shares frequently break, investors out of high issue price under the high awareness of the risks will break cautious investment attitude which may cause the subscription amount less than the severe cases, there may even result in a serious shortage of the subscription amount, resulting in the issue failed. Additionally, if the IPO price is too high causing a listing on the break, and this will affect the confidence of investors, if investors choose to exit, then turn trigger price fell further, is not conducive to the company establish a good image of the capital market, which the company's future refinancing activities and adversely affect the formation of sustainable development. Conversely, if the IPO pricing level is low, it is clear that the issuer will lose the benefit of the company's value is not fully recognized by the market, the issuer financing scale will be affected. The high IPO underpricing or the first day of break from what what for? Final analysis, is the stock market caused by the irrational pricing mechanism. Therefore, the study IPO pricing mechanism for the development of China's securities market and the healthy operation of the national economy has particularly important significance.
IPO在股票市场上多年来是谈论最多的话题之一,在1963年,美国证券交易委员会(sec)首次提出IPO抑价问题。随后,大量的学者对IPO抑价问题进行了研究。相关研究表明,在整个世界几乎所有的股票市场都有同在中国资本市场的发展一样有不同程度的IPO抑价现象。

2 new pricing measure. 新定价策略

2.1 IPO pricing method  IPO定价方法

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