An Analysis On Factors Affecting The IPOs Pricing Of Listed Company In Shanghai's And Shenzhen's Shares

The pricing of IPOs has become one focus in the current theory and the practicing field during practice of Book-building. It is important that studying the factors affecting the pricing of IPOs for achieving right IPOs price, which help enterprise raise more money and lead investor to rational deal. So the right IPOs price helps to optimize resource in a securities market and realize the securities market promotion in China.It's about seventy years since the IPOs pricing theory carne to being. It is perfect from theories and it has been applied successfully in many foreign investment banks. But as a kind of mature theory system, it hasn't been applied successfully in China's shares market. The reasons of that include misunderstanding of IPOs pricing theory, China's shares market is immature, the executive condition of Book-building 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 factors affecting the pricing of IPOs are 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 the securities market.In this article, we study deeply the factors affecting the pricing of IPOs by using step regress method, stakeholders interactional frame analysis. There are five chapters in this article. Chapter 1 introduces the meaning and background of studying. Chapter 2 is main to introduce the actuality of studying in the domestic and the overseas, and carry on the theories foundation of the research to summary, analyzes action of stakeholders interactional frame in the pricing IPOs. Chapter 3 analyzes the sample choice, the research method and the thesis structure and the research thinking in this article. Chapter 4 concludes IPOs pricing model by combining multifactor step regress method, and studies the factors affecting the pricing of IPOs. Chapter 5 summarizes the conclusion after studying the above content, based on forenamed studying, brings forward the suggestions of IPOs.