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The Research On Securities Pricing Principle

Posted on:2006-11-03Degree:MasterType:Thesis
Country:ChinaCandidate:H LiuFull Text:PDF
GTID:2166360155462655Subject:Quantitative Economics
Abstract/Summary:PDF Full Text Request
Securities pricing has always been one of issues in Chinese security market. The purpose of the thesis is to find out these factors that have crucial effect on Securities pricing and pricing model, and put forward some proposel.By analyzing qualitatively and quantitatively the Securities pricing theory, we have got some following conclusions: the traditional stock pricing theory regards the micro factor as the main factor which determines the stock price, while the modern stock pricing theory regards the macro factor as the main factor which determines the stock price. This thesis thinks that when fixing the price for stocks we should consider the macro factors and the micro factors. Combining the concrete actual conditions in China, on the basis of the sample data collected, this thesis finds out the concrete factors that decides the issue price and the market price in Chinese market. In the process of confirming the affecting factors of the stock price in China, this thesis has adopted the comparative analysis method, which makes the comparative analysis between new stock actual issue price FAP and new stock market price SHP run through the whole analysis process. Based on empirical research through the sixty-one sample corporations' data in Chinese stock market by regression model, this thesis approves these factors that have importment effect on issuing price and market price are not same.At last, on the basis of empirical analysis, the rational pricing model is put forward, namely, according to company macro economic circumstance and the micro status of the corportation and adopting regression model, publisher and securities trader determine the IPO price of company, which should be guidelines price, conditions of supplier and demander's power determine the final issue price by competing.When processing data, the thesis has dealt with the micro influence factors of the stock price adopting the analytic approach of the factor, and has drawn five main composition factors; moreover in regression analysing, this thesis bring the macro factors into the regression models by rgression method step by step.
Keywords/Search Tags:Stock market of China, Empirical analysis, Regression model, Factor analysis
PDF Full Text Request
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