analysis of ipo pricing mechanism（ipo定价机制的分析）.docVIP

Analysis of IPO pricing mechanism Abstract: 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. Keywords: shares break new pricing method factors. A research background. 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,