Study Of Agricultural Bank Of China IPO Based On Multiple Factors

The IPO price is the staple point of company which will become listed on the market. Agricultural Bank of China(ABC) has completed the Stripped non-performing loans, established joint-stock company, bringed in the strategic investors, and selected the lead underwriter in according with the ask which faces to the three rural as while as chooses the right listed time from the state council. Moreover, its the technical preparations for IPO has also received wide attention at home and abroad. Reasonable IPO pricing is not only conducive to the successful issuing of ABC, but also a great practical significance for it to supplement the capital base.In my paper, the share of listed banks in Chinese A-share market will be the major research object. Through analysing the effect on internal and external factors to the banking stocks IPO pricing's changes, collecting operations and financial situation of the listing banks, the national economy, interest rate policy and capital market conditions, etc, it is established to reflect the characteristics of indicators for banking system; Through the way of factor analysis, linear regression and others, it is established to the multi-factor model of IPO pricing for Chinese share of listed banks. By above tow points, it gets a major factor of IPO price for listed bank. Moreover I make ABC as an example of the empirical analysis.The study found that investors paid more attention to the profitability of banks, growth of capacity and interest rate policies and other factors to the IPO price about listed bank. In these factors, ROE, net profit growth, earnings per share, interest income growth of intermediary business revenue growth, income net profit margin, circulation, interest rates and the proportion of liquidity on the price of bank shares issued had a more significant impact. At the same time, this paper calculats its IPO price with the established model of ABC, points out and analizes the main factors which affect the IOP price of ABC.The innovation and features of this paper is mainly reflected:the first, it uses the method of multi-factor pricing model to analyse the IPO price, distribution of bank stocks in Chinese A-share market and gets the related factors which affect the IPO price of bank stocks. The second, it studies the released price of ABC by using multi-factor pricing model established, and gets a certain degree of active exploration. The third, it puts forward proposals for the IPO price of ABC with the mainly factors which affect the IPO price of bank in Chinese A-share market and the operations and financial situation of ABC.