Ipo Issuer Quality Evaluation Index System And Methods Of Research

With the implementation of authorization system of issuance of shares, the evaluation of the stock issuer's quality of IPO, which has been neglected for a long time, has aroused great attention.All securities companies are still devoted to exploring an effective evaluation system for the stock issuer's quality, which restricted the sound development of the securities market in China to some extent. To research and design a perfect evaluation index system, which fit China's specific situations as well as adopting scientific and objective, evaluation methods has become a hot issue for securities companies and researchers.This paper introduces concrete procedures of the stock issuer's quality and analyses the existing evaluation method of IPO issuers in China. That method starts with the Delphil Method to identify evaluation indexes for the IPO issuer's quality. Then, the grade is given according to weight of every index. Finally, the degree of IPO issuer's quality is determined by means of the comprehensive Marking Method. However, several problems exist in such a method: evaluation indexes are very subjective; to identify weights is difficult; influences of some specific factors are ignored; the time-delay exists in the result.In view of disadvantages of the present evaluation system, this article combines the Delphil Method with the Analytic Hierarchy Process Method and the Fuzzy Neural Network Theory. Then, a set of evaluation index system is build up. It uses FNN to design a quality evaluation model naming 7-15-1.Next, it analyses and demonstrates examples to prove the feasibility of the evaluation model. Finally, it makes a comparison between traditional methods and FNN. The result indicates that it is feasible to use FNN to evaluate the stock issuer's quality.