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The Ipo Pricing Study

Posted on:2004-10-24Degree:MasterType:Thesis
Country:ChinaCandidate:J G LiangFull Text:PDF
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For the joint-stock company the initial public offer is a vital step from the privately held to the public-held. The successful offer can not only enlist funds needed for the manufacture, heighten its popularity, optimize the structure of the capital, but also facilitate enhancement of the management structure, and lay a solid foundation for its sustainable development. The core of the new offer is offer pricing. And its rationality will determine not only the interest of the issuers, investors and underwriters themselves but also the functional performance of the resource configuration in the stock market and the healthy operation of the second-class market. According to the IPO practice in the other countries, the main standard of judging the rationality of the offer pricing is that whether the pricing is based on the base of the anticipatory second-class market. It is ubiquitous that the price of the new stock is relatively less expensive than that in the second-class market, namely IPO under pricing. But if there is a big difference in price between the new offer and the second-class market, it will indicate that there is irrationality in the way of the IPO pricing. To further the marketing of the offer and pricing and to make it close to the second-class market price is a vital integral part in system construction of the stock offering market across countries.Chinese stock market was born and developed in a special period during the shift from the planned economy to the market economy. We saw the pricing process from government-oriented to market-oriented. In Chinese stock market, IPO under pricing is very serious. So the core task in the reform of the offering system is how to further the extent of the marketing of the offer pricing. And the purpose of the thesis is to provide references for the reform of pricing marketing through theoretical research and analysis of the IPO pricing both at home and abroad.The thesis consists of 4 parts as follows: The first part introduces the IPO under pricing and analyzes its reason; The second part introduces the methods of IPO pricing estimation; The third part analyzes comparably the international market pricing and studies the advantages and disadvantages of IPO pricing; The fourth part sums up the evolution of Chinese IPO pricing methods and analyzes the problems and puts forward the advice of perfecting the IPO pricing.
Keywords/Search Tags:Initial public offer, Offer pricing, Under pricing, Pricing methods
PDF Full Text Request
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