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A Stock Market Offering Price Determinants Analysis

Posted on:2003-01-31Degree:MasterType:Thesis
Country:ChinaCandidate:Y L HeFull Text:PDF
GTID:2206360092970650Subject:Quantitative Economics
Abstract/Summary:PDF Full Text Request
As the entrance to entire stock market, IPO (initial public offer) is an important component of stock market system. IPO pricing is very important in the IPO market. In the IPO market, To find out those factors that affect the IPO pricing is meaningfully important both in practice and in theory in Chinese stock market. In theory,Chinese theoretical researchES mostly focus on secondary market ,and few research focus on the IPO market.The research about determining factors of IPO market helps to improve the theoretical research on this topic.At the same time,foreign economists have founded many pricing theories and attributed stock price fixing factors to macro and micro factors. The result applied for Chinese stock market demands an empirical prove . this dissertation trys to make some efforts to this empirical prove. In practice, reasonable IPO pricing lies in finding out some actual factors that have crucial effect on IPO pricing. Finding out some actual factors that have crucial effect on IPO pricing,in general,helps to direct investor reasonably investing,prevent occurrence of IPO underpricing,and constitute reasonably IPO pricing method in the Chinese stock market. The purpose of the dissertation is to find out those factors that have crucial effect on IPO pricing, and put forward some suggestions onpolicy-making. To realize this research purpose, based on the sample corparations' data and through demonstration research, the dissertation analyzes the characteristics of principal theories of IPO pricing. And a specific study about the status quo of Chinese stock market is made. The main clue of this dissertation is as follows: At first, by analyzing status quo of the stock pricing theory, we have found out some factors that have a broad effect on issuing price.Secondly, the analysis on Chinese stock market proceeds to find out those practical factors that have crucial effect on IPO pricing in the Chinese stock market . Finally,on the basis of empirical results,the suggestion on policy-making is put forward. This dissertation is made up of seven chapters. Chapter 1:Preface.Firstly, the historical background of the study is introduced. Secondly, the purpose of the study is indicted. At last, by analyzing the status quo of research, the focus of the research is pointed out. Chapter2: Qualitative analyses on the factors that are crucial to IPO price. At first,the pricing theory is divided into two theoretical systems by research object: traditional stock pricing theory and modern stock pricing theory .At the same time,the two theories are subdivided into five academic schools: fundamental analysis school, technological analysisschool, portfolio theory, capital and asset pricing model( CAPM) and (arbitrage pricing theory) APT.Then stock pricing theory is systematically introduced on three aspects: fundamental analysis school, technological analysis school and modern stock pricing model.At last,by comparing traditional stock pricing theory with modern stock pricing theory , the conclusion is coming out: both macro and micro factors should be considered when fixing IPO price. Chapter 3:Quantitive analyses on the factors that are crucial to IPO price. Firstly , the quantitative research method is briefly introduced. Secondly , earning pricing model and ratio pricing model are particularly introduced. Finally,by contrast of the two models,the regression model are recommended by this dissertation . Chapter 4:Theoretical preparations for regression model. In this chapter, five aspects are discussed:the theoretical basis of regression model; enactment of model; theoretical explanation of variable selection; statistical explanation of variable selection; theoretical explanation of factor analyses. Chapter 5: Empirical results and analysis.At first ,sample selection and sample data treatment are introduced.Secondly, empirical analysis is made about 58 sample corporations' data in Chinese stock market by regressio...
Keywords/Search Tags:Initial Public Offerings(IPOs), Theoretical Analysis, Empirical Analysis, Chinese Stock Market, Regression model
PDF Full Text Request
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