Research On IPO Pricing Of Listed Companies On The Growth Enterprise Market In My Country

2009,China officially launched the growth enterprise market,which is of great significance to enrich our capital market.Since the founding of China’s gem,it has gone through nearly ten years.The policy layer is supporting the new economy continuously.Undoubtedly,it provides a good space for the development of innovative enterprises such as the Internet and artificial intelligence.However,the voice of the dispute still exists,investors have suffered losses due to the phenomenon of stock price breaking and other phenomena,and the process of IPO pricing system reform in our country is often criticized by the industry.In this dissertation,the case study is used to select T company of IPO in 2010 as a case.The enterprise,which combines traditional tourism with modern science and technology,pioneered the market in the field.It is a "unicorn" enterprise.This dissertation first summarizes the characteristics of the GEM market,and reviews the development history of IPO pricing system.This paper summarizes and analyzes the pricing system adopted abroad and the development history of the IPO pricing system in China,and probes into the rationality of the new stock pricing mechanism,which is used today.In the case analysis part,we first evaluate the financial situation and market competitiveness of the selected case companies so far,evaluate the financial quality and predict the future of their development,and make use of their open prospectus and the subsequent annual reports for the selected case companies,and the corresponding valuation level.The valuation methods such as price to earnings ratio(PE),PB(net profit rate)and earnings to earnings growth ratio(PEG)were analyzed.The causes of the overpriced issue are explored,and the differences in the impact of the price on the stakeholders are pointed out,and the main stakeholders are the principal securities dealers and the retail investors.Finally,suggestions are made on how to make the issue price more or closer to the intrinsic value of the listed company,and draw lessons from the existing system abroad.At the same time,we also discussed the various adjustments and effects made in China’s IPO system,and the challenges we need to face before the real operation of registration system.This article has made a great deal of summary of the past system,which can provide reference for the future improvement of the new issue system and provide investment inspiration for the investors.