The Ipo Pricing Model Of Small And Medium-Sized Market Which Is Based Onthe Industry Price-Earnings Ratio

IPO refers to the company’s initial public offering of stock. The pricing of IPO plays a key role in a successful IPO. A reasonable price should be a price which can reflect the real value, thus realizing enterprise’s financing demand and guarantee the stability of the company’s shares in the stock market. The core of the relative value method is the main way of the current IPO pricing system, this method is generally to earnings for foundation. Such pricing results are often existence deviation with the real value of the enterprise, so it brought adverse effect to the enterprise itself and the whole market. Therefore, this paper attempts to through analyzing the data of small and medium-sized market, to make a pricing model which is based on industry price-earnings ratio to improve the existing model, There must be a positive significance to of enterprises which is actively seeking listing and market regulators.The paper combines normative research and empirical research method to design a IPO pricing model based on industry price-earnings ratio of small and medium-sized board. The full text is divided into five parts. The first part is " Introduction", briefly introduces the background and significance, the content of research and the basic framework, research methods and innovation; the second part is " related theory and literature review ", analyzing and summarizing the domestic and foreign scholars on the IPO pricing research and the research results; the third part is " P/E ratio and the influence factors analysis ", select the influence factors with price-earning’s ratio, through correlation analysis showed a significant correlation, the select seven factors which is more correlative:current stock ratio, net interest rate of the sales, net profit growth rate, net asset per share, the ratio of liabilities to assets, financial lever, operating cash flow per share as the final factors to design the model; part Fourth is" determine the regulation coefficient and the design model ", through the correlation analysis results calculate the comprehensive index and calculate each enterprise’s individual adjustment coefficient, the establish the model; the fifth part " model’s application ", selection machinery industry in2011listed companies as a validation sample to design of the model, compare with the issuing price and market price to confirm its rationality. The sixth part " the research’s insufficient and prospects ", the paper points out the insufficient on IPO pricing and puts forward the development (?)spect.The main results of this thesis are:Construct IPO pricing model of small and medlium-sized board which is based on industry price-earnings ratio, this model not voly takes into account the effect of the basic factors of earnings ratio, and corporate the operating performance. This model is applied in mechanical industry23listing Corporation, the results show that:the IPO price with the model can reflect the true situation; the real value of the enterprise is reflected in the results. It has more advantages in approaching degree about enterprise’s true value and the price volatility than the traditional pricing method.