| Commercial banks,as an important part of the financial system,continue to serve the development of China’s national economy.Urban commercial banks,have also played a positive role in the development of regional economy.With the continuous extension of financial reform,more and more urban commercial banks to expand the scale of operation to increase capital,.improve core competitiveness and other purposes,to seek listing.Enterprises in the IPO when the most critical that is the issue of new shares pricing,reasonable stock prices can properly reflect the value of business investment,urban commercial banks IPO the same,reasonable to determine the issue price,for investors and the future development of the city is important Practical significance.This paper intends to conduct a case study on the IPO pricing of XA Bank,and study the stock pricing of its initial public offering in combination with the development trend of the firm and the influencing factors of pricing.This paper analyzes the case of XA bank IPO and draws the conclusion that the discount rate model and cash flow discount model are more suitable for determining the price of XA Bank’s initial public offering.Although the relative valuation method is also possible,such as less than the listed city firms and other defects,but in this case for the IPO price estimates more intuitive and more responsive to the market for the city to reflect the business and the value of the listed companies Expect the cash flow model can also be a more comprehensive reflection of the future business performance and cost.The innovation of this paper lies in the following aspects:1)On the case,the paper analyzes the operating characteristics and pricing factors of the commercial firms in detail.2)It does not rely on the underwriter’s pricing scheme to innovatively apply the cash flow discount model to XA The bank’s corporate value to calculate,and accordingly estimate the price of its new shares issued;3)combined with the XA Bank’s IPO pricing case for the city commercial bank IPO process should pay attention to the aspects of new recommendations. |
