China's Listed Companies In The Ipo Pricing And Statistical Analysis Of Stock Prices

IPO (Initial Public Offerings) is a key approach for enterprises to raise capital, a good opportunity for investors to increase new investment and the beginning of supervision for supervisors. So, the veracity of IPO pricing plays an important role on optimization of capital distribution and on regular operation and long-term development of China's capital market.Many famous scholars at home and abroad made lots of research on the key exchange product on stock market - IPO. The reasons are: 1. There is always lower pricing of IPO not only on mature securities business but also on rising securities business; 2. Long-term discrepant performance of IPO (or higher long-term pricing); 3. Periodicity of IPO market.To a conclusion, the statistic analysis and research on IPO pricing and share price performance of listed companies of China and stock pricing system stipulated by stock supervisors will enhance the securities business more mature and to play a better role on resource distribution, help investors make more rational investment and make reasonable investment decision, and help security companies sale stocks and reduce risks.The paper consists of the following three parts:Party one makes research on IPO pricing. Theoretic analysis consists of introduction and comparative analysis of IPO pricing methods and issuing mode and suggestion on IPO pricing system reform. Demonstrative analysis consists of factors affecting IPO pricing, trend chart of pricing and relevant factors and lag model of IPO pricing. The conclusion shows that the IPO pricing in China mainly lies on issuing market payoff rate, and market fluctuation and overall economic operation make IPO pricing lagged.Part two makes statistic analysis on IPO performance. The analysis on averagevalue and standard deviation of stock yield in different periods shows the short-term IPO pricing of China is lower and does not support long-term high IPO pricing theory. The part divides the issuing of IPO into four periods and conclusion shows that stipulations and system of supervision authority make the high yield on the first day falls, which means that the supervision is resultful. The part also makes "a tentative analysis on the periodicity of IPO market and that conclusion shows the IPO market in China is periodical. Finally, the part puts IPO into planar groups and makes analysis on their yield and then makes scheduling analysis. The conclusion shows IPO yield in traditional industries such as industry, energy sources and raw materials is very stable and IPO yield in finance, IT and public utilities is high but fluctuant.Part three makes analysis on market payoff rate, issuing scale, issuing price and yield, and discusses yield of different issuing models. The conclusion shows IPO price and later yield is opposite correlativity. The IPO market payoff rate and yield is opposite correlativity and the opposite correlativity diminishes. And issuing score and yield is obvious opposite correlativity.