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An Analysis On Factors Affecting The IPOs Pricing In China's A Shares Market

Posted on:2004-07-03Degree:MasterType:Thesis
Country:ChinaCandidate:X PiFull Text:PDF
GTID:2156360122970441Subject:Business Administration
Abstract/Summary:PDF Full Text Request
The pricing of IPOs has become one focus in the current theory and the practicing field. It is important that studying the factors affecting the pricing of IPOs for achieving right IPOs price, which help enterprise raise more money and investment bank reduce risk, as well as lead investor to rational deal. So the right IPOs price help to optimize resource in A securities market and realizing the securities market promotion in China.It's about seventy years since the IPOs pricing theory came to being. It is perfect from theories and it has been applied successfully in many foreign investment bank. But as a kind of mature theory system, it hasn't been applied successfully in China's A shares market. The reasons of that include misunderstanding of IPOs pricing theory China's A shares market is immature the executive condition of substantivcregulation is incomplete corporation corporation governance structure is faulty lack of investor sense, and another important reason is that most of corporations use the administrative method of IPO pricing. The administrative IPO pricing method based on P/E prescribed by China Securities Regulatory Commission.The factors affecting the pricing of IPOs being studied in this article. Through studying the internal factors and external factors of the pricing IPOs, we can discover the key factors affecting the pricing of IPOs, there are some theoretical guidance and realism meaning for improving the pricing mode of IPOs and balance stakeholders benefit. At the same time, there is function for optimize resource in A securities market.In this article, we studies deeply the factors affecting the pricing of IPOs by using step regress method, stakeholders interactional frame analysis. There are seven chapters in this article.Chapter 1 introduces the meaning of studying and applying, the actuality of studying in the domestic and the overseas, as well as the research thinking in this article etc.Chapter 2 based on absorbing the newest study achievement about the pricing of IPOs, study deeply IPO theory, points out IPO valuation means' application sope and limitations.Chapter 3 researches the IPOs system and modes, bring forward the IPOs system's change trend and the IPOs pricing modes' characteristics, as well as the IPOs pricingmodes' limitations. So points out the EPOs approve system's problem.Chapter 4 from the point of view of the factors affecting the pricing IPOs and stakeholders interactional frame, rational analyze IPOs pricing, points out IPOs pricing flow chart on the whole.Chapter 5 based on studying the factors affecting the pricing of IPOs, combining multifactor step regress method, concludes IPOs pricing model, demonstrate the factors affecting the pricing of IPOs.Chapter 6 based on forenamed studying, bring forward the suggestions of IPOs pricing mode and market supervise, as well as company practise tactic.Chapter 7 conclusion summarizes the conclusion after studying the above content.
Keywords/Search Tags:IPOs, intrinsic value, Book-building, stakeholders, step regress mode
PDF Full Text Request
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