China's Stock Market, Ipo Pricing Research

IPO Pricing is the combination of science and art.The research scope of IPO includes the pricing theory, under pricing theory, market efficiency theory, and so on. There is close relation and influence each other among all aspects. The pricing theory of IPO focuses mainly on researching the pricing mechanism and method which also are the core of IPO market. The pricing of IPO is the most basic and important tache and the most significant problem among the businesses of investment bank. Whether the price and method of issue are reasonable is close to the success of issue as well as the interests of issuer, investor and underwriter. The participants to market, supervising institution and theory researchers paid more attention to the process of IPO Pricing, which reflects how the whole market is mature and regular.The stock market of China was born under the Planned Economy System and grown under the Market Economy System. And the economy and polity of China are unique and different from other countries in the world. So the capital market of China has many particularities which are also reflected in the stock market.This paper focuses on the process of IPO Pricing, including estimating method of IPO Pricing, issue system and pricing method of IPO. Furthermore, this article analyzes the macro and micro factors which will influent IPO Pricing from enterprises' point of view.Chapter 1 is the theory of pricing stock, including the fundamental theory of pricing and estimating theory. In the process of IPO, estimating the value of enterprise is the first step, and then underwriter and issuer should balance the profit and loss according the market demand and decide the final price of new issue. Chapter 2 includes the catalogs and compares of issue system and pricing method of IPO. Chapter 3 reviews the history of China issue system and pricing method of IPO...