美国公司股票首次发行定价方式 [4]
论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2013-09-13编辑:yangcheng点击率:4265
论文字数:1312论文编号:org201309122224275935语种:英语 English地区:中国价格:免费论文
关键词:美国公司股票首次发行定价方式
摘要:由于IPO股票的定价方式没有完全市场化,证监会提供市盈率发行,造成新股发行市盈率远低于二级市场平均市盈率,自2000年以后的IPO发行都没有发行失败的风险,每家IPO公司其股票均有一定程度超额认购,新股初始超额报酬的形成也出现了不同于其他国家地区的特征。
visers based on market supply and demand conditions and reasonable pricing .
According to the development direction of China's securities market , generally depending on the situation take the following IPO pricing .
( 1 ) PER valuation method or the net asset ratio method .
This approach to take IPO price = EPS * P , or IPO price = net asset value per share * PER formula to determine the issue price , etc. , because generally more quantitative , it is usually the first choice as a new share issue .
( 2 ) discounted cash flow model ( capitalization pricing ) .
This model is a modern financial theory and capital market theory combination product , generally through the " IPO price = future cash flows are discounted " to determine the IPO price.
(3) EBIT Act ( financial leverage France ) .
EBIT calculation method based on financial leverage , the marginal cost of capital to determine a reasonable size and funding agencies and funding sources of financing in order to determine the issue price of enterprises . This approach to financial management perspective forecasting funding requirements and issue price , only the modes that affect the stock market supply and demand factors to consider less .
( 4 ) full online bidding method and online , offline synchronization auction method .
This method is completely determined by the market supply and demand situation the issue price , and regardless of institutional investors or retail investors are taking free quotations participate in the auction . The IPO price determined by the market pricing methods may bring greater market risk . Pricing generally take accumulated bidding inquiry ways to determine the issue price , there is an inquiry to determine the lower limit and an upper limit of dummy 's inquiry , while underwriters provide a reference price, or the market price but the final underwriting results to determine the relationship between supply and demand .
( 5 ) price discounts method .
Market discount method is mainly applied to capital by issuing new shares or by similar industries when first issued shares issued at a discount price situation , but in fact, brokers and investors faced with greater market risk , brokers may reimburse a lot of surplus stock issuance risks exist and that investors faced with the market that is below the issue price risks.
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