| As an effective supplement to China's multi-layer capital market,the STAR Market has attracted a great number of scientific and technological enterprises land on the board,and attracted many overseas listed enterprises to return to domestic capital market as well.After S company was successfully listed on NASDAQ in 2017,in order to further support its strategic demand of becoming a global leading supplier of semiconductor equipment,it decided to set up a R&D and production center in Lingang.To meet huge financing demand,S company launched a strategic plan of IPO.IPO pricing is the focus of the issue of new shares.It is an important step to estimate the stock value of IPO pricing.Reasonable pricing can not only improve the pricing efficiency and promote the smooth listing of enterprises,but also can reduce IPO underpricing as much as possible and guarantee for the company to raise funds.Effective pricing model is conducive to the establishment of a long-term market value management mechanism,so that the stock price reflects the intrinsic value of the company.According to S company's P/E ratio on capital market of NASDAQ and reviewing P/E ratios level of the semiconductor equipment industry and competitive public companies on China's capital market,the financial data disclosed by benchmarking companies,competitive companies and companies in the same industry were selected as samples to find out the factors driving the changes of P/E ratio.Through regression analysis,an estimated P/E ratio model was established in order to estimate S company's issuing price under P/E ratio model.Hence the estimated stock valuation based on the P/E valuation model was calculated.After comparing stock valuation of S company with the benchmarking company's,influencing factors of the stock valuation difference were analyzed,so as to verify the rationality of the stock valuation of S Company. |
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