摘要
I
我国 IPO 新股发行定价合理性研究
中文摘要
近年来，我国资本市场越来越活跃，2009 年以来，在 A 股创业板顺利实现股票
上市的企业越来越越多，据统计数量已经达到 600 多家。我们必须要承认，创业板开
板能够为广大中小企业提供良好的发展环境，方便小型企业与投资方建立沟通和联
系，最终达成合作，拓宽小企业融资渠道，另外，创业板正式开板以来，给众多具备
良好发展前景的中小企业提供了很多便利，有利于促进实体经济的进一步发展，同时
能够针对中小企业资源进行优化配置。然而，我们必须要用全面的观点看问题，除了
要看到其带来的好处之外，还应该要意识到，A 股市场引致的相关问题也随之不断呈
现。IPO(Initial public offerings)即首次公开发行，实际是指股份有限公司第一次面向
广大社会公众进行招股，指的是一种股票发行方式。近年来，随着我国资本市场的日
渐发展，新股发行所发挥的作用也愈发凸显。企业借助股票发行的手段，不仅可以成
功募集一定资金，促进企业长远发展，而且还可以实现对其资本结构的进一步完善，
为企业发展创造良好保障。因此，经济发展、资本市场以及新股发行之间存在密切关
系，三者能够彼此促进。如果发行人首次公开发行股票时将价格定得过高，高于投资
方预期，在发行中就很难吸引投资方，导致资金筹集数量相对较少。从另一个角度上
看，若发行人以及承销商为确保首次股票发行不会失败，刻意将发行价格调低，达不
到企业股票实际价值，此时一级市场发行价格比相应的交易价格要低，能够顺利吸引
投资方进行投资，二级市场资金逐步进入一级市场，通过这种操作虽然能够在一定程
度上避免股票发行失败，然而却阻碍了证券市场发挥其资金配置功能。所以，新股发
行在实际定价过程中应如何取舍始终是业界讨论焦点

本研究主要分为以下七大部分：第一部分：绪论，主要介绍本文的写作背景和现
实意义，研究的方法、思路以及国内外研究综述和评析；第二部分：新股发行定价相
关理论回顾，主要包含 IPO 估值理论和有效市场假说理论；第三部分：我国新股发行
定价制度的改革历程，介绍了历次发行定价制度改革及其效果。阐述了我国证券监管
部门围绕着市场化这一改革大方向做出的不断努力；第四部分：我国 IPO 新股发行定中文摘要 我国IPO新股发行定价合理性研究
II
价的影响因素的实证研究，以近年来的发行数据为样本，分析了 IPO 新股发行定价的
影响因素；第五部分：我国 IPO 发行市场定价合理性分析。通过上一章的分析，结合
回归分析等工具，探讨 IPO 新股市场定价合理性程度；第六部分：提高我国 IPO 新股
发行定价合理性的对策与建议；第七部分：结论和展望。基于前文的研究成果，得出
结论，并对本课题未来进一步的研究做出展望

关键词：IPO；新股发行；定价；合理性；对策
作 者：王渊超
指导老师：万解秋我国 IPO 新股发行定价合理性研究 英文摘要
III
Research on the rationality of IPO pricing in China
Abstract
In the capital market in China on October 30, 2009, focused on the shenzhen stock
exchange listed 28 stocks to establish gem now, has been more than 200 companies listed
on the gem success. There is no denying that the gem officially open board for small
business financing and the general investors investment provides a very good cooperation
platform, and to open the gem board more than two years of potential small and
medium-sized enterprises in our country, the development of the real economy and
effective resource optimal allocation has made a great contribution, but every coin has its
two sides, related problems caused by the gem grew with presents. At the same time, the
IPO (Initial public offerings) Initial public offering, namely refers to a joint stock limited
company to the public for the first time the issue of a public offering. In recent years, along
with the rapid development of our capital market, capital market leading and leading role
has become increasingly prominent, the new issue is very important in the capital markets,
companies can successfully issued shares of the capital market not only for enterprise to
raise large amounts of money to develop, but also can promote the improvement of the
corporate capital structure, provides the powerful guarantee for the company continues to
develop, so the economic development, between capital market and the ipo has promote
each other. And determine the initial public offering price of a corporation if too high, is
beyond the expectation of investors on stock value, the initial public offering of stock will
not be able to attract investors to invest, makes the issuer to raise the amount of capital
can&39;t achieve the desired, initial public offering is hard to success; On the contrary, if the
issuer and underwriter in order to guarantee the success of the initial public offering, the
offering price fell below the intrinsic value of the actual stock company, in this case, will
make the primary market price is lower than the transaction price in the primary market,
investors will be more to put money into new shares, this will result in the secondary
market funds flowing into the primary market, although this can attract the investor&39;s
investment, reduce the possibility of failure, but not conducive to its role in the securities
market allocation. So, the problem of ipo pricing has been the focus of scholars study and
argument.英文摘要 基于战略导向的 A 公司全面预算管理研究
IV
This paper is divided into the following seven parts: The first part: Introduction,
mainly introduces the writing background and practical significance of this article, the
research methods, ideas and domestic and foreign research review and evaluation; Part II:
IPO pricing theory review, Including the IPO valuation theory and China&39;s A-share market,
the first issue of the system reform; the third part: China&39;s IPO pricing system reform
process, introduced the previous issue of pricing system reform and its effect. This paper
expounds the continuous efforts made by China&39;s securities regulatory authorities around
the general direction of market reform. The fourth part: The empirical research on the
influencing factors of IPO IPO pricing in China, by referring to the existing research
conclusions of the industry and combining with the issuance in recent years Data, analysis
of IPO IPO pricing factors; Part V: China IPO market pricing rationality analysis. Through
the establishment of the valuation model empirical test of the current market pricing
rationality degree; the sixth part: to improve the IPO IPO pricing rationality of the
countermeasures and suggestions. Compared with the maturity of the securities market
issue and pricing methods, found that China&39;s securities market is the current problem and
put forward rationalization proposals; Part VII: conclusions and prospects. Based on the
previous research results, the conclusion is drawn, and the future research of this subject is
made.
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Key Words：IPO; New issues; Rationality; Pricing;countermeasures
Written by WangYuanchao
Supervised by WanJieqiu目 录
1 绪 论 .....1
1.1 研究背景及意义........1
1.1.1 研究背景.1
1.1.2 研究意义.2
1.2 文献综述........2
1.2.1 对于新股发行定价水平的研究.2
1.2.2 对于定价偏离内在价值原因的研究.....4
1.2.3 文献评述.5
1.3 研究思路、方法及创新点....5
1.3.1 研究思路...5
1.3.2 研究方法...5
1.3.3 本文的创新之处....
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