The Research On Judgment System For A Share IPO Pricing

With the Chinese capital market's development, issuing of shares becomes an important way for company's floatation of loan, and the most important premise of issuing of shares is a reasonable price is worked out. The main character of new shares pricing is guided by market and following the rules of the market, the price of issuing of new shares is decided by the factors of the market. There are many methods for Initial Public Offering pricing studied by predecessor, but most of them just amended the fundamental pricing formula, and didn't solve the problems in pricing thoroughly. Many scholars also studied the differentiate system of IPO pricing, but the methods are incompatible with the real life.Firstly, this paper described the history and actual state of IPO pricing, and then advanced the clew of establishing the pricing differentiate system,at last summarized the reaching state and methods for IPO.By summing and comparing all the pricing methods to find out their shortage, the grey system theory is educed. It is combined the grey relational theory with the grey cluster theory to set up differentiate system of IPO pricing. That is to say, firstly, use the grey relational theory to filtrate factors, secondly, use the grey relational cluster theory to cluster criterion, and then get the tidy cluster of influencing factor, finally, use the equal weight clustering system to establish the differentiate system of IPO pricing. Moreover, the differentiate system of IPO pricing is founded based on all the shares in Shanghai market from2002 to 2003, and the researching method of founding the differentiate system of IPO pricing with grey system is summarized.At last the differentiate system of IPO pricing in industry is got through giving a demonstration on auto industry and machine industry.The innovation of this paper:First, it analyses the influence factors of IPO issue price, and brings grey incidence theory into determine the degree of incidence between every factor and IPO issue price.Secondly, this paper established the differentiate system of IPO pricing according to the shares on the market in A share market adopted the grey system theory.