英语论文网

在询价制度下，询价对象在IPO过程中，能不能报出合理的IPO价格，在很大程度上与他们对新发行股票的估值能力有关。因此，本章首先介绍研究IPO的基础理论——股票投资价值理论；然后介绍与新股发行定价、新股上市首日定价以及IPO抑价相关的国内外文献；最后对IPO上市后价格表现及承销商托市行为的研究文献予以述评。

In the inquiry system, the inquiry objects in the IPO process, can not be quoted a reasonable IPO price , in large part with their newly issued stock valuations capacity. Therefore, this chapter first introduces the basic theory of IPO - stock investment value theory ; then introduced and IPO pricing , pricing, and first day of IPO IPO underpricing relevant literature ; Finally, after an IPO price performance and underwriters care City of behavioral research literature to be Commentary .

美国经济学家欧文•费雪(1986)提出了资产估值的重要思想——资产的当前价值等于其未来现金流量折现之和，该理论一直是资产估值的基础，他也因此而被称为内在投资价值理论的先驱。

American economist Irving Fisher ( 1986 ) made the important thinking of the valuation of assets - assets equal to its current value of future cash flows and discounting , the theory has been the basis for the valuation of assets , and thus he was known as a pioneer in the theory of intrinsic investment value . In 1906 , he was " the nature of capital and income " and complete discussion of the relationship between income and capital and the value of other issues. In 1907 he was in the " interest rate: the nature of the relationship between decision and economic phenomenon ", the nature of interest rates and determinants were systematically analyzed, and further studies of the capital value of the relationship between income and capital . In Fisher , under the guidance of the important thought , there have been a lot of value valuation model appeared , of which the most famous is Williams's dividend discount model .

1938年，美国著名投资理论家威廉姆斯在《价值投资理论》一书中，提出了他的价值投资理论和现金流折现（DCF）模型。该理论认为投资者投资股票的目的是为了获得对未来股利的索取权，对于投资者来说未来现金流就是自己未来能获得的股利，从而，股票的内在价值是“将今后能领取的全部股息加以资本还原的现在价值的总和”.

In 1938, the famous American investment theorist Williams ' theory of value investing , "a book , presented his theory of value investing and the discounted cash flow (DCF) model . The theory is that investors invest in stocks for the purpose of gaining the right to obtain future dividends , future cash flows for investors is their ability to obtain future dividends , and thus , the intrinsic value of the stock is "to be able to receive all future dividends capital reduction to be the sum of the present value of ", the general expression is :

     Signal model is based on a publisher with information superiority model . For the company's growth prospects and intrinsic value, the issuing company often has more information than outside investors . At this point, rational investors will face an adverse selection problem : Only the value of the company is lower than the average value of the distribution companies will be willing to issue shares at an average price . At this time , in order to their low quality company with distinction , companies will choose to signal high to indicate that they are of high quality. Allen and Fauhaber (1989), Welch (1989) , who will be the basic idea of modeling , commonly called signal model . They think that having a higher value than the company intends to be recognized by the market price of shares outstanding , thereby preventing low-quality companies to imitate , the formation of a separating equilibrium , in these models , the issuing company passive dynamic d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。