Research On The Rationality Of IPO Pricing In China

In the capital market in China on October 30,2009,focused on the shenzhen stock exchange listed 28 stocks to establish gem now,has been more than 200 companies listed on the gem success.There is no denying that the gem officially open board for small business financing and the general investors investment provides a very good cooperation platform,and to open the gem board more than two years of potential small and medium-sized enterprises in our country,the development of the real economy and effective resource optimal allocation has made a great contribution,but every coin has its two sides,related problems caused by the gem grew with presents.At the same time,the IPO(Initial public offerings)Initial public offering,namely refers to a joint stock limited company to the public for the first time the issue of a public offering.In recent years,along with the rapid development of our capital market,capital market leading and leading role has become increasingly prominent,the new issue is very important in the capital markets,companies can successfully issued shares of the capital market not only for enterprise to raise large amounts of money to develop,but also can promote the improvement of the corporate capital structure,provides the powerful guarantee for the company continues to develop,so the economic development,between capital market and the ipo has promote each other.And determine the initial public offering price of a corporation if too high,is beyond the expectation of investors on stock value,the initial public offering of stock will not be able to attract investors to invest,makes the issuer to raise the amount of capital can't achieve the desired,initial public offering is hard to success;On the contrary,if the issuer and underwriter in order to guarantee the success of the initial public offering,the offering price fell below the intrinsic value of the actual stock company,in this case,will make the primary market price is lower than the transaction price in the primary market,investors will be more to put money into new shares,this will result in the secondary market funds flowing into the primary market,although this can attract the investor's investment,reduce the possibility of failure,but not conducive to its role in the securities market allocation.So,the problem of ipo pricing has been the focus of scholars study and argument.This paper is divided into the following seven parts: The first part: Introduction,mainly introduces the writing background and practical significance of this article,the research methods,ideas and domestic and foreign research review and evaluation;Part II: IPO pricing theory review,Including the IPO valuation theory and China's A-share market,the first issue of the system reform;the third part: China's IPO pricing system reform process,introduced the previous issue of pricing system reform and its effect.This paper expounds the continuous efforts made by China's securities regulatory authorities around the general direction of market reform.The fourth part: The empirical research on the influencing factors of IPO IPO pricing in China,by referring to the existing research conclusions of the industry and combining with the issuance in recent years Data,analysis of IPO IPO pricing factors;Part V: China IPO market pricing rationality analysis.Through the establishment of the valuation model empirical test of the current market pricing rationality degree;the sixth part: to improve the IPO IPO pricing rationality of the countermeasures and suggestions.Compared with the maturity of the securities market issue and pricing methods,found that China's securities market is the current problem and put forward rationalization proposals;Part VII: conclusions and prospects.Based on the previous research results,the conclusion is drawn,and the future research of this subject is made.