The Forming Theory Of The Ipo Price And Positive Research

This thesis studies the price of stocks that first come into the market. Referring to some mature fixing-price theories at home and overseas it carries on systematic research on the forming theory of the stock price using the method of relativity research. It also studies the dynamic forming procedure of the stock price with the method of game theory. First, it considers all kind of factors that have influence on the stock, how to influence the stock market and how to affect the stock price. It reveals the forming theory of the stock price. Second, it constructs the dynamic game theory model under full information, discusses the game process among the participants of the market and changes the insular and static fixing-price models for the stock. Last, this thesis presents a new method to compute the price of the new stocks. It also gives some examples that are involved with the dynamic game theory in the demonstration. From these research results, we can learn that shares in secondary market can explain the stock price mightily and also there exists distort rated mechanism in the stock market in China within certain period. But this rated mechanism will perfect as the law becomes integral.Compared with other research with real example at home or overseas there are two creative specifications in this thesis. First, it introduces dynamic game theory model analysis and makes it possible to analyze the stock price dynamically. Besides the attention to the stock price it can also explain the influence of the securities on the stock price to some extend. Second, it brings forward the concept of the discount price-to-earning ratio.