| With the restart a new round of IPO, break new phenomenon has caused more andmore attention of investors, break new phenomenon has become in the last two yearsmore obvious, in the cause of the break new shares under the environment of new breakand break new shares on the stock market has become a hot topic. IPO reasonable pricingcan guarantee financing are able to raise the capital they need, but also can ensure thatinvestors earn their dividends, to promote the rational allocation of capital stock market,and promote the healthy development of the securities market. However, in the capitalmarket, the securities are obviously in the pricing of new shares is too high. The cause ofthe overpriced IPO three (high issue price, high price earnings ratio, offering the highestexcess) makes the company’s share price is far more than the actual value, which alsoleads to the possibility of break new shares. Is still in the development stage of securitiesmarket of our country capital, price of IPO is not very perfect, the IPO underpricing ishigher than other developed countries even more, because of, the primary market is oftenconsidered to be risk free market, through the purchase of new shares many investorsalways enjoy it investment, however, with the perfection and development of recentcapital securities market, break new phenomenon has emerged, the author think thereasons for nearly two years new broken damp is pricing shares issuer and underwriterselection in the valuation process is not appropriate. This paper will be conducted to alarge group of this one history break rate highest stocks as an example to break newshares the reason and the impact on the stock market analysis. At the same time, thispaper also puts forward some suggestions, hope to strengthen the administration of thefunds, improve the new inquiry system, improve the information disclosure system of thethree aspects of continuous improvement of the system of issuing new shares, solve thenew break this phenomenon... |
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