The Study And Application Under The Fuzzy Optimization Model On IPO Pricing

One of the most popular researching topics in the capital market is the pricing question of the public company's new stock (in this paper we only discuss the initial public offerings, that is IPOs). to the IPO companies, the formation of scientific reasonable and fair IPOs price can not only succeed the issue, but also help the company raise enough fund; to the sponsor and the underwriter, the issue greatly reduces the risk of their underwriting and the occupation of funds as well as maintains good reputation; to the investor, it greatly reduces investment cost and control investment risk, strengthens the wording power (the authority to participate in decision-making) of the stock's pricing and moreover it efficiently gets through the primary and secondary markets (connecting the two markets) ,which opens a new game space for institutional investors.The new stock,s price can be affected by certain and uncertain factors which have been studied by domestic and foreign scholars. Generally these factors can be divided into two kinds: the stock its own and the whole security market. The various factors connecting with issuing company's value can be manifested concretely in the company's anticipated income, the capital structure, net assets and prospective risks and so on, which sum up the various factors of the issuing company's quality and growth prospect. These factors can all be displayed in the former IPO's pricing models, but when new stock is issuing, the uncertain factors such as the national economy's total trends, industry policy, the anticipation of the industry development, the situation of the stock market (the stage of market fluctuation) can't be solved in the present new stock pricing theories. When the fuzzy optimized model is utilized in the new stock pricing to face the uncertainty of the stock market, the issuing company's value and these uncertain factors are considered comprehensively. It compensates the flaws of the former new stock pricing theories and puts forward a feasible method. It has positively profound significance for China's developing capital market.In view of the uncertainty of the IPOs pricing factors this essay introduces the fuzzy optimized model into the study of our country's new stock pricing. This essay concerns the experts'experience of investment banks and the estimation of objective valuation through index choice and weight determination. By considering the factors affecting new stock pricing comprehensively, it not only displays the uncertain...