A Share Initial Public Offering Pricing Research Basing On The Perspective From Price Premium

Through reviewing the classical literatures, this article uses the relevant theories totest the existence of A shares issued premium and A-H share price premium, thenprove that A shares IPO pricing is inefficiency.This aricle separates from the influenceof the efficiency for the A shares IPO pricing to two paths, that is the reaction of theissuers and the investors pricing. On this basis, this paper makes studies of theinfluence factors for the A shares IPO pricing inefficiency,and the result suggests thatthey have market risk, liquidity difference, the demand elasticity differences,asymmetric information, the underwriters of the reputation, stocks risk difference andthe experience of the investors expected, etc. Based on this, in order to improve theefficiency, this paper studies the A shares IPO pricing and constructs A shares IPOpricing model through the short term price distribution function of Ashares.Futhermore,this aricle tests the validity of the model by empirical datas, theresults indicate that the model is suited to the Small and Medium-size plate and theGrowth Enterprise board. Finally, for perfecting A shares market and speeding up themainland market and Hong Kong capital market to merge togetherly, this paper putsforward relevant policies and Suggestions.