科技型中小企业IPO定价机制研究

【作者】 薛建宇；

【导师】 张学平；

【作者基本信息】 首都经济贸易大学 ， 企业管理， 2009， 硕士

【摘要】 IPO(Initial Public Offering)定价机制,从世界范围看,自20世纪80年代以来,大致遵循:固定价格→拍卖→累计投标,这样一种演变趋势。目前,累计投标定价机制在世界范围内占据主导地位。针对这种情况,本文深入研究IPO定价机制,探讨各种IPO定价机制的基本特征,比较各种IPO定价机制的选择效率。理论与实证研究证明,IPO是国内外金融学者研究的重点领域之一。作为一种定价制度,IPO定价机制一直是世界各国或地区IPO制度改革的一个重要内容和重要方面。同时,IPO定价问题也一直是我国证券市场的焦点问题之一。鉴于IPO定价机制在国际和我国证券市场的重要地位,本文通过对世界主要IPO发行定价机制的介绍,对我国IPO发售历程的回顾论述,试图为我国科技型中小企业IPO定价机制改革提供一定的决策依据。由于缺乏成熟、统一的定价模型,纯粹的“固定价格”机制无法满足高科技企业IPO的需要,市场化的IPO定价机制是解决问题的必然选择。随着科技型中小企业成为中小企业板重要的上市资源,“高科技企业估值难”在中小企业板IPO定价过程中也会遇到,并对IPO定价机制的设计提出新的要求。2006年5月出台的《首次公开发行股票并上市管理办法》制定的新上市标准进一步将能够进入中小企业板的科技型中小企业界定在已进入成长期或成熟期的企业,这为传统方法的应用提供了更大的空间。在总结以往改革经验的基础上,2005年1月我国证券市场开始实行询价制,其实质是累计投标与固定价格发售的混合机制。从我国证券市场发展的阶段性特征以及科技型中小企业群体的特点看,询价制适用于科技型中小企业。通过重点对我国现行的IPO询价制度的实施效果进行实证分析,得出结论并提出相关的完善措施。更多还原

【Abstract】 Since 1980, IPO(Initial Public Offering) pricing mechanism generally follows the trends of fixed price→auction→book-building all over the world. Today, pricing mechanism based upon book-building plays a key role in the global market. In accordance with this trend, the article will be focused on the analysis of IPO pricing mechanism, discussion of its basic features, while in comparison with different efficiency of above mentioned IPO pricing mechanisms. Theoretical and case study indicate that IPO is one of the main subjects for both of the domestic and overseas financial circles. As a kind of pricing system, IPO pricing mechanism is always one of the important parts while nations or regions around the world conducting IPO systematic reformation. It keeps being one of the focal points in our stock market as well. In accordance with its key role in the domestic and international stock markets, this article would like to demonstrate the release of main IPO pricing mechanisms in the world, summarize the releasing process of the domestic IPO pricing mechanism, and try to find out and provide the small and medium-sized scientific and technological enterprises within China with certain basic for their IPO pricing mechanism reformation.Due to non existence of integrated measure pricing model, " fixed price " single system could not meet the requirements from the high-tech enterprises, therefore, market balanced IPO pricing mechanism will be the final solution. With daily increased public offering of small and medium-sized scientific and technological enterprises among the stock market of small and medium-sized enterprises, they will face the same challenge of " hard to make evaluation on high-tech enterprises " in the process of IPO pricing mechanism, which would lead to new requirements for the design of IPO pricing mechanism. According to the new IPO standards based upon ((Procedures for Initial Public Offering )> released in May 2006, those small and medium-sized scientific and technological enterprises who could be categorized into publicly offered small and medium-sized enterprises must be those in the growth stage or in mature period, which provides greater space for traditional pricing mechanism. In Jan. 2005, inquiry system was started in the national stock market based on the experiences gained from reformation, which is, in fact, a combined mechanism with the integration of book-building and fixed price offering. In accordance with features of national stock market developing process and small & medium-sized scientific & technological enterprises, inquiry system is applicable to the small and medium-sized scientific and technological enterprises. Based upon case study on the effectiveness and efficiency of current IPO inquiry system, conclusion will be drawn and relative improvement measures will be provided.更多还原