Empirical Researches For Chinese Listed Companies On The Relationship Between Corporate Governance And IPO Pricing

The issues of IPO pricing has been always the hot spots between recent decades in the field of financial economics. Economists at home and abroad have been trying to research on issues of IPO pricing from a different point of view.A lot of scholars analyzed factors influencing IPO pricing, Domestic and foreign scholars have made a lot of analysis.Many results show that strong corporate governance structures can help lower the agency cost and Impact the corporat value.Dose the corporate governance contained in these factors which influence IPO pricing, only a few scholars studied on this problem before. The study will help us realize the role of corporate governance in IPO pricing and make corporation directorate pay more attention to corporate governance. It is important to the healthy development of Chinese stock market.This article revolves the Chinese corporate governance and the IPO pricing,firstly, it analyzes the method of IPO pricing and all kinds of the factors that influence IPO pricing.It find the relationships between corporate governance and the IPO pricing from the theoretical basis.Then it linking the former domestic and foreign research results, proposes related rational supposition and made the model about IPO pricing. Through the real diagnosis research of the China listed company's statistical data from 2002-2005, and the utilization of econometrics method, according to the overall analysis of the data and the model establishment we confirm the previous related suppositions.At last, we discuss the performances and insufficiencies of our country's present listed companies,and puts forward proposals for the Chinese stock market and governance of the listed companies.