A股份有限公司新股发行定价问题研究

发布时间：2018-04-24 01:28

本文选题：IPO + 新股发行定价　；参考：《北京工业大学》2013年硕士论文

【摘要】：我国证券市场经过近二十年来的发展，已初具规模；根据wind资讯统计，目前已有2400多家公司在A股市场发行股票并上市交易，流通市值达30多万亿元。越来越多的境内企业渴望在国内证券市场上市募集资金，企业在实现IPO过程中，需要经过一系列的程序，其中定价是其重要流程。新股发行定价问题是我国新股发行制度理论研究和证券市场改革实践的难点和重点，也是我国资本市场发行市场和交易市场的矛盾的体现，新股发行定价直接影响到发行市场的效率，只有发行价格是有效的，且能真实地反映拟发行公司的盈利能力、包含更多的内在价值信息，，才能正确地引导发行市场的资金的合理回流，强化市场的优胜劣汰机制，达到资源的优化配置和实现效益的最大化。本文以A股份有限公司为研究对象，运用贴现现金流法、经济附加值(EVA)估值法、可比公司分析法、实物期权法等定价模型，并结合国内证券监督管理机构对新股发行定价的有关要求、国内新股发行定价的实务操作方法等，确定A股份有限公司IPO新股发行的定价方法及价格。
[Abstract]:After nearly 20 years of development, the stock market in China has begun to take shape. According to wind statistics, more than 2400 companies have issued and traded shares in the A-share market, and market value has circulated more than 30 trillion yuan. More and more domestic enterprises are eager to raise funds in the domestic stock market. In the process of realizing IPO, enterprises need to go through a series of procedures, among which pricing is an important process. The issue of new issue pricing is a difficult and important point in the theoretical research of the new issue system and the practice of the reform of the securities market in China, and it is also the embodiment of the contradiction between the issuing market and the trading market of our country's capital market. IPO pricing directly affects the efficiency of the issuing market. Only the issuing price is effective, and it can truly reflect the profitability of the company to be issued, and contain more intrinsic value information. In order to guide the rational return of the capital in the issuing market, strengthen the mechanism of the survival of the fittest in the market, optimize the allocation of resources and realize the maximum benefit. This paper takes A Company Limited as the research object, uses the discount cash flow method, the economic added value EVA valuation method, the comparable company analysis method, the real option method and so on pricing model, etc. The pricing method and price of IPO new issue of A Co., Ltd are determined by combining with the relevant requirements of domestic securities regulatory agencies and the practical operation methods of domestic new issue pricing.
【学位授予单位】：北京工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6;F832.51

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