A Study On The Initial Public Offering Stock Pricing Of State-Owned Commercial Banks

This paper has studied IPO (stock for the first time public release) the fixed price question. First, had expounded creates the primary cause which the stock discount is the stock fixed price question and with it necessary stock release system question. Next, analyzes each kind of stock fixed price theoretical model, take the arbitrage fixed price theory as the basis, through analyzes its reasonable constitution factor, and constructed one kind of stock release reference fixed price model. Afterwards, carried on the computation with the China Construction bank correlation data, and it has carried on the contrast analysis with October 27, 2005 in the Hong Kong Stock market's wholesale price, discussed its stock fixed price rationality. At the same time, quotation the Communications Bank's stock fixed price data carries on the contrast confirmation, thus discusses the fixed price model which establishes under the simulated condition is whether effective or not, and to provide some references and help of the stock fixed price question for the later state-owned commercial bank's IPO.Finally, the issuing system issue that fix with the pricing, according to the current situation of the stock market of China, put forward some reference suggestions for it development and improve.