【作者】 宋云龙；

【导师】 罗正英；

【作者基本信息】 苏州大学 ， 世界经济， 2003， 硕士

【摘要】 股票首次公开发行是指企业的普通股票第一次向社会公众公开发售，并随即在证券交易场所挂牌交易，最核心的问题就是决定发行价格。确定发行价格一是要进行股票估值，二是发现股票市场价格，而这两个方面涉及估值方法和发行方式问题，本文以发行定价估价方法和发行方式为研究的基本问题展开。结合了两方面对国际和国内的新股定价问题进行了系统的分析，而且进一步对影响新股发行定价的因素作了实证分析，试图找出符合我国市场特点的承销商和发行人在定价时应考虑的因素，并说明这些因素的影响效果。通过对影响因素及发行定价基本问题的分析，提出了相应的政策建议，认为应从企业内部和企业外部进行发行定价机制市场化改革，以期对我国新股发行定价有所帮助。更多还原

【Abstract】 Initial public offerings refer to the sales of common stocks to the public at the first time. Offering pricing is the key during the over-all procedure. As usual, it includes two steps. The first is stock valuing and the second is to find the market price of stocks. To launch these two steps, there are two problems to deal with, namely, methods of valuing and offering styles. In this research paper, methods and styles are two basic questions. The author give a systematic analysis about initial stock pricing in China and other countries and conduct an empirical study to find factors which effect the stocks pricing of initial public offerings. Then we assess the effects of these factors. Based on these comprehensive analyses, some suggestions are provided about marketerization in offering pricing mechanism to provide some suggestions concerning the offering pricing in China.更多还原