A Study On Ipo Pricing Of China's A-share

IPO's abnormal initial return(AIR) ,which is an abnormal phenomenon and always exist in capital markets and many countries , is difficult to eliminate . The underpricing rate of IPO is different between countries. Many researches show that underpricing rate of IPO is much lower in developed countries than in Least-developed countries. Underpricing rate of IPO in China is much higher than other countries.Chapter 1 is mainly for the study of domestic and foreign scholars. Foreign scholars's main research directions is about IPO pricing, Abnormal Initial Return and the long-term development of the enterprise after IPO. The domestic scholars to the premise of effective secondary market, using the theory and model overseas to explain the domestic problems. China's stock market has some special features. Copy foreign theoretical models cannot solve the problem of domestic. So in this paper based on the research that the secondary market fails to achieve effective .Chapter 2 is mainly about some basic theory of stock price.Then based on the theory of development studies from the pricing model.Different enterprises suitable for different pricing method, the enterprise is now a diversified development, through the weighted method to perform a variety of model can obtain more accurate result.Chapter 3 study on the internal and external factors and analysis the stakeholders of the first market, from the behavior of their internal analysis, can find the IPO price with related financial data to model analysis. External factors including policy factors and the non-policy factors. The study on stakeholders can see the game between them.Chapter 4 is the key section, the pricing model of IPO is based of IPO pricing. And IPO pricing need to study with the secondary market eventually. The first section of this chapter introduces the IPO issuance of the system. According to different distribution system to summarizes its advantages and disadvantages. The second quarter and the third quarter is the main innovation. Through the analysis of the present system of inquiry data, we can see some progress of inquiry of the system, but at the same time, compared with foreign still exist. For deficiencies, the author puts forward some opinions and Suggestions. Then through the contrast with the Hong Kong stock market in China, as the case analysis of MCC combination. At the same time with the a-share and h-share listings 61 new data. We can see some intuitive deficiency, one is that a success rate is too low, the interests of small and medium shareholders are badly hurt, the other is that high p/e ratio is too high, the intrinsic value of the enterprise is overvalued.The final chapter is summarized, and the full text according to the present problems and puts forward reasonable Suggestions.