导　　师： 陈兆江

学科专业： L0201

授予学位： 硕士

作　　者： ;

机构地区： 华北电力大学

摘　　要： 公司股票首次公开发行定价及抑价问题是公认的最具迷惑性的财务难题之一，需要深入研究。国内外许多学者对此进行了大量实证研究。 本文通过实证的方法进行了研究发现：制度因素、中签率、可流通新股数量和新股发行价均对发行抑价有着非常显著的影响。 本文的创新之处在于：一是以往的相关研究对经营业绩往往采用单个财务指标，而本文采用z值记分法综合性更好；二是以往的相关研究都没有把承销商的排名引入实证模型，本文尝试把这个重要因素引入模型。 本文最后得出了相关结论，认为公司股票首次公开发行定价与公司价值是密切相关，因此国内公司在股票首次公开发行定价时，要借鉴国际通行的估价方法，改变传统的估价思想，重视公司创造现金流量的能力。 Company stock's IPO priceing and underpriceing problem is generally accepted have captivation most of one of the finance hard nut to cracks, need a thorough research.Many domestic and international scholars carried on a great deal of empirical research to this. This text passed the method of substantial evidence to carry on a research detection:System factor, win a label rate and can circulate a new an amount to publish price to all suppress the influence . Textual and creative be placed in:adopt single finance index sign towards conducting an accomplishment usually while ising a former related research, but this literary grace use the method comprehensive that the Z value records better;Two was former related researches to all don't rank a consignee to lead into the model, this text tries to lead this important factor into the model. The paper gets the persuasive conclusion that,the IPO price is closely relative to the value of the company。Therefore,we should change the traditional pricing thoughts。

关 键 词： 中国 股市场 新股发行 公开发行定价 发行抑价

领　　域： [经济管理]