上市公司股票定价实证教程.docVIP

摘 要 上市公司股票定价。上市公司股票定价  ABSTRACT IPO pricing is one of the most important parts in the process of initial public offering. The research of IPO pricing will have a significant influence in the sustainable development of the stock markets in China. Chinese stock market can be classified to the main board market, the small and medium-size enterprise market and the growth enterprise market. These stock markets have different listing requirements, and thus IPO pricing of these markets have their own unique patterns and characteristic. Comparing the IPO pricing patterns of these markets will provide a deeper understanding of pricing mechanisms and principles in initial public offering in our country. This research review the theoretical and empirical study related to the IPO pricing process, which is the theoretical foundation to seek the factors of IPO pricing. The attention is drawn to the stock markets in our country. The emphasis is on the main differences between the main board market, the small and medium-size enterprise market and the growth enterprise market. The descriptive statistics is used to analysis the current situations of these markets. With the available data of 786 public companies between 2010 and 2012, it can be proved that there exits significant difference of IPO pricing between these three markets. To figure out the main factors of these IPO pricing discrepancy, multivariate linear regression is the most suitable method. The conclusion is that the main factors of IPO pricing discrepancy between the three markets contain earnings per share (EPS), return on equity (ROE), net assets per share (NAPS), net profit and issuing scale of new shares, which are all determined by the feature of the public companies. Key words：The growth enterprise market  目 录 中文摘要 I ABSTRACT II 1 绪论 1 1.1研究背景及意义 1 1.2研究思路及方法 1 1.3文献综述 2 2 上市公司股票定价基本理论 5 2.1上市动机与上市公司股票定价 5 2.2 上市公司股票定价的估值方法 5 2.2.1自由现金流量贴现模型 6 2.2.2可比公司分析法 6 2.2.3经济收益附加值（EVA）估值法 7 2.3 上市公司股票定价的基本机制 7 2