| In recent years, the prosperity of international port market has made great contribution to the rapid rising of world economy. The port industry has gradually become a fundamental industry which accelerates the world economic integration and international trade globalization. Especially after the financial crisis, with the port industry recovery, the investment in port industry and shipping industry from countries all over the world is continually expanding, and the number of port enterprises which enter the capital market is increasing. The result of it is the IPO of port listed companies has drawn more and more attention.Chinese stock market has become the biggest emerging market in the world through the development of more than a decade. A large number of enterprises finance by issuing new shares. It makes tremendous contribution to Chinese economic development. While with the rapid development, there are also many issues. The degree of IPO overvaluation in stock market of our country is much higher than other countries'. This phenomenon causes many hazards. It is not conducive to the healthy development of the entire stock market. This issue has arisen due to complex reasons. Finding the reasons of IPO overvaluation is important for reforms in issuance and supervision system of IPO.An empirical research is analyzed on the basis of the theoretical analysis. Through drawing on the research results of stock pricing theory at home and abroad, we investigate the actual situation of China's stock market, collect IPO data from A Shares of 9 listed companies in the secondary market of the Chinese securities market from 2001 to 2010, issued on premium price volatility impact factors of its first trading day. This article intends to analyze the following aspects:Chapter one is introduction, which summarizes the background of selected topic and research methods of this paper and expounds the basic framework of this paper. Chapter Two is literature review, including the domestic and the international research achievements of IPO premium. Chapter three is theoretical analysis of IPO premium rate influencing factors. First of all, expound the IPO price and enterprise intrinsic value, then analysis the factors of IPO premium rate. Chapter four is calculation, analysis and empirical research, which does a demonstration research on the first day of the port listed company's IPO, including:(1) The characteristics of the stock market in 2010 and the features of port listed companies which IPO in 2010; (2) IPO premium of port listed companies situation analysis; (3) Analysis the IPO premium rate of the three port listed companies which IPOs in 2010. And in Chapter Five, the previous analyses are summarized, the limitations existed in this thesis are pointed out, and some suggestions are put forward. |
