我国创业板市场IPO定价模型设计

发布时间：2018-04-04 00:30

本文选题：创业板　切入点：IPO　出处：《哈尔滨工业大学》2012年硕士论文

【摘要】：创业板市场是专门为具有增长潜力的中小企业服务的融资市场，它的出现方便了中小企业的融资，为其发展提供了资金保障，也完善了多层次的资本市场结构，使投资者有了更多的选择和机会。但是一些处于发展初期阶段的高科技公司，因为其规模小、经营期短、业务新等原因，盈利的记录通常很短，未来盈利性十分不确定，也很难找到其符合条件的可比公司，传统的绝对和相对估值法都无法准确的反映出公司的价值。股票定价一直是国内外学者研究的热点问题。本文分析和研究了现存的创业板定价理论的优势和不足，结合我国的实际情况，构建了创业板的股票定价模型。模型构建的基本思路是：首先考虑到现有市盈率模型不适用的原因是由于我国创业板市场发展的特殊性所致，很难找到增长率完全一致的同类企业作为参考标准，因此，需要排除增长率对市盈率模型的影响，然后将市盈率和增长率做比值，得出每一个百分点的增长率在现有条件下对应一个的市盈率，现有条件是指综合测评影响企业股票价值的各个因素，以期反映企业的整体状况，从而设计出修正市盈率估值模型。总体上，本研究阐述了定价模型设计所依据的基本理论，即价值理论和供求理论，，在此基础上，对模型进行构建、描述，设计出引入企业价值评估体系后的修正市盈率模型。而后再根据创业板市场股票现有的财务数据，检验该模型的估值效果，并进行分析评价。
[Abstract]:The gem is special for the potential growth of small and medium-sized enterprises financing services market, it appears to facilitate the financing of small and medium-sized enterprises, to provide funding for its development, but also improve the multi-level capital market, so that investors have more choices and opportunities. But in the early stages of development of high-tech companies and because of its small size, short operation period, new business and other reasons, earnings records are usually short, future profitability is uncertain, it is difficult to find the qualified comparable companies, the traditional absolute and relative valuation method can accurately reflect the value of the company. The stock price has been a hot issue in China Foreign scholars study the gem pricing theory. The advantages and disadvantages of this paper, combining the actual situation of our country, construct stock pricing model of the GEM model base. The idea is: because the first consideration of the existing earnings model is not suitable for the development of our country is due to the particularity of the GEM market. It is difficult to find exactly the same growth rate of similar enterprises as the reference standard, therefore, need to exclude growth rate of price earnings ratio model, and then the price earnings ratio and growth rate. That, every one percent increase in the existing conditions corresponding to a price earnings ratio, the existing condition refers to the various factors affecting the comprehensive evaluation value of the stock enterprises, in order to reflect the overall situation of the enterprise, to design a modified earnings valuation model.
Overall, this study describes the basic theory of design pricing model, namely the value theory and the theory of supply and demand, on the basis of model building, design description, modified earnings into enterprise's value assessment system after the rate model. And then according to the existing financial data of the gem stock market, the model test the valuation effect, and analysis and evaluation.

【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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