华中科技大学硕士学位论文中国A股IPO定价研究姓名：范镭申请学位级别：硕士专业：西方经济学指导教师：张卫东2010-05-15
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 햪 튪 IPO쫗죕뎬뛮쫕틦튻횱쫇놾쫐뎡듦퓚쟒쓑틔쿻돽뗄튻훖틬뎣쿖쿳ꎬ튲쫇쎿룶맺볒뚼릲춬듦퓚뗄쿖쿳ꎬ폐쯹늻춬뗄쫇쎿룶맺볒뗄IPO쫗죕뎬뛮쫕틦싊룟뗍늻튻퇹ꆣ틔잰뗄퇐뺿뇭쏷ꎬ놾쫐뎡랢듯뗄맺볒뗄IPO쫗죕뎬뛮쫕틦싊웕뇩욫뗍ꎬ뛸놾쫐뎡늻랢듯뗄맺볒뗄IPO쫗죕뎬뛮쫕틦싊웕뇩욫룟ꎬ컒맺뗄IPO쫗죕뎬뛮쫕틦싊폈웤욫룟ꆣ 뗚튻늿럖훷튪쫇뛔맺췢톧헟뫍맺쓚톧헟퇐뺿돉맻뗄튻킩뷩짜ꆣ맺쓚췢톧헟훷튪퇐뺿뗄랽쿲쫇IPO뚨볛ꎬ쫗죕뎬뛮쫕틦싊뫍IPO뫳웳튵뗄뎤웚랢햹ꆣ맺쓚톧헟훷튪쫇틔A막뛾벶쫐뎡폐킧캪잰쳡ꎬ샻폃맺췢뗄샭싛뫍쒣탍살뷢쫍맺쓚IPO뗄컊쳢ꆣ 뗚뛾늿럖훷튪퇐뺿쇋막욱뚨볛뗄튻킩믹놾샭싛ꎬ틔벰듓샭싛믹뒡짏랢햹돶살뗄쪵볊뗄뚨볛쒣탍ꆣ춨맽볓좨뗄랽램뛔웳튵뷸탐뛠훖쒣탍맀횵ꎬ뗃떽뗄뷡맻룼볓ힼ좷ꆣ 뗚죽늿럖뻍쫇듓쓚췢늿틲쯘틔벰튻벶쫐뎡쿠맘샻틦헟뗄탐캪뷸탐럖컶ꎬ듓웳튵ퟔ짭뗄쟩뿶뷸탐쓚늿럖컶ꎬ뿉틔헒돶폫IPO뚨볛쿠맘뗄닆컱쫽뻝ꎬ뷸탐쒣탍뗄럖컶ꆣ췢늿틲쯘냼삨헾닟틲쯘폫럇헾닟틲쯘ꆣ 뗚쯄헂쫇놾컄뗄훘뗣헂뷚ꎬ놾헂뗄뗚튻뷚쿈뷩짜IPO뗄랢탐쳥훆뗄뇤잨ꎬ늢헫뛔늻춬뗄랢탐쳥훆ꎬퟜ뷡쯼뗄폅쫆뫍늻ퟣꆣ뗚뛾뷚뫍뗚죽뷚쫇놾컄뗄훷튪뒴탂뗣ꆣ춨맽뛔쿖뷱톯볛훆뛈뗄쫽뻝럖컶ꎬ쓜릻뾴돶톯볛훆뛈뗄튻킩뷸늽ꎬ떫춬쪱폫맺췢쿠뇈ꎬ뮹듦퓚튻킩늻ퟣꆣ헫뛔늻ퟣ횮뒦ꎬ뇊헟쳡돶쇋튻킩틢볻뫍붨틩ꆣ뷓ퟅ춨맽폫쿣룛막쫐뗄뛔뇈ꎬ틔훐맺훐튱ퟷ캪낸샽뷸탐럖컶ꎬ뷡뫏춬쪱퓚A막뫍H막짏쫐뗄61횧탂막뷸탐쫽뻝뗄뛔뇈ꆣ쓜릻뫜횱맛뗄뾴돶컒맺뗄튻킩늻ퟣ횮뒦ꎬ튻쫇훐잩싊첫뗍ꎬ훐킡춶헟뗄샻틦쫜떽뫜듳뗄짋몦ꎬ뛾쫇쫐펯싊욫룟ꎬ웳튵뗄쓚퓚볛횵놻룟맀ꆣ ퟮ뫳튻헂쫇뛔좫컄뗄ퟜ뷡ꎬ늢쟒룹뻝쿖뷱듦퓚뗄컊쳢ꎬ쳡돶뫏샭뗄붨틩ꆣ 맘볼듊ꎺIPOꎬ뚨볛샭싛ꎬ랢탐볛룱ꎬ뚨볛랽쪽 I
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 Abstract 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 based on the theory of development studies from the pricing 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 II
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 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. Key words: IPO, Pricing theory, Issue price, Pricing ways III
뛀뒴탔짹쏷 놾죋짹쏷쯹돊붻뗄톧캻싛컄쫇컒룶죋퓚떼쪦횸떼쿂뷸탐뗄퇐뺿릤ퟷ벰좡뗃뗄퇐뺿돉맻ꆣ뺡컒쯹횪ꎬ돽컄훐틑뺭뇪쏷틽폃뗄쓚죝췢ꎬ놾싛컄늻냼몬죎뫎웤쯻룶죋믲벯쳥틑뺭랢뇭믲킴맽뗄퇐뺿돉맻ꆣ뛔놾컄뗄퇐뺿ퟶ돶릱쿗뗄룶죋뫍벯쳥ꎬ뻹틑퓚컄훐틔쏷좷랽쪽뇪쏷ꆣ놾죋췪좫틢쪶떽놾짹쏷뗄램싉뷡맻평놾죋돐떣ꆣ 톧캻싛컄ퟷ헟잩쏻ꎺ 죕웚ꎺ 쓪 퓂 죕 톧캻싛컄냦좨쪹폃쫚좨쫩 놾톧캻싛컄ퟷ헟췪좫쇋뷢톧킣폐맘놣쇴ꆢ쪹폃톧캻싛컄뗄맦뚨ꎬ벴ꎺ톧킣폐좨놣쇴늢쿲맺볒폐맘늿쏅믲믺릹쯍붻싛컄뗄뢴펡볾뫍뗧ퟓ냦ꎬ퓊탭싛컄놻닩퓄뫍뷨퓄ꆣ놾죋쫚좨뮪훐뿆벼듳톧뿉틔붫놾톧캻싛컄뗄좫늿믲늿럖쓚죝뇠죫폐맘쫽뻝뿢뷸탐볬쯷ꎬ뿉틔닉폃펰펡ꆢ쯵펡믲즨쏨뗈뢴훆쫖뛎놣듦뫍믣뇠놾톧캻싛컄ꆣ 놣쏜□ꎬ 퓚 쓪뷢쏜뫳쫊폃놾쫚좨쫩ꆣ 놾싛컄쫴폚 늻놣쏜□ꆣ ꎨ쟫퓚틔짏랽뿲쓚듲“√”ꎩ 톧캻싛컄ퟷ헟잩쏻ꎺ 횸떼뷌쪦잩쏻ꎺ 죕웚ꎺ 쓪 퓂 죕 죕웚ꎺ 쓪 퓂 죕
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 1 떼싛 톡쳢놳뺰폫틢틥 IPOꎨinitial public offeringꎩ좫돆쫗듎릫뾪랢탐ꎬ쫇횸릫쮾캪쇋돯벯뷰ꎬ쫗듎쿲짧믡릫훚릫뾪랢쫛막욱뗄탐캪ꎬ쯼쫇평짙쫽죋쿲릫훚돖막뗄뇤ꎬ돉릦뗄IPO쓜룸웳튵쒼벯랢햹쯹탨튪뗄뷰ꎬ폐샻폚릫쮾횪쏻뛈뗄쳡룟ꎬ튲춬쪱폐샻폚놾뷡릹뗄폅뮯ꆣ쯹틔IPO뛔폚톰쟳룼듳랢햹뗄릫쮾살쮵폐뫜훘튪뗄틢틥ꆣ 쯦ퟅ컒맺놾쫐뎡뗄랢햹ꎬ풽살풽뛠뗄릫쮾톰쟳IPO짏쫐ꎬ늢쟒IPO돉캪웳튵ퟮ훘튪뗄죚쟾뗀횮튻ꆣ쫗듎릫뾪랢탐캪웳튵쳡릩쇋뇣샻ꎬ폐샻폚뺭볃뗄랢햹ꎬIPO틑돉캪짧믡뺭볃쳥쾵훐늻뿉좱짙뗄튻늿럖ꆣ뷘횹떽쒿잰캪횹ꎬ짏몣횤좯붻틗쯹릲폐막욱868볒ꎬퟜ쫐횵181509틚풪ꎬ짮?횤좯붻틗쯹릲폐막욱932볒ꎬ66835틚풪ꆣ IPO쫇뷰죚뺭볃톧쇬폲퇐뺿뗄죈뗣컊쳢횮튻ꎬ맺췢톧헟퓚짏쫀볍70쓪듺뾪쪼뻍뛔웤뷸탐쇋퇐뺿ꎬ뛸퓚ퟮ뷼10쓪맺쓚톧헟싽싽뾪쪼쇋맣랺뗄퇐뺿ꎬ웤훐IPO뚨볛뗄컊쳢튻횱쫇톧헟쯹맘힢뗄쓑뗣ꆣIPO뚨볛쫇럱뫏샭ꎬ맘쾵떽웳튵IPO쓜럱돉릦랢탐ꆣ돉릦뗄IPO쫇횸랢탐죋쓜릻틔춶헟쓜릻죌쫜뗄ퟮ룟볛룱랢탐ꎬ헢튲틢캶ퟅ웳튵쓜쒼벯떽ퟮ듳뗄뷰ꆣ뛸랢탐볛맽뗍믲헟쮵랢탐쪧냜퓲틢캶ퟅIPO뚨볛쪧냜ꎬ늢쟒돐쿺짌뫍짏쫐웳튵뚼튪돐쫜튻뚨뗄쯰쪧ꆣ퓚IPO뚨볛맽돌훐ꎬ폐탭뛠늻좷뚨뗄틲쯘뿉쓜떼훂IPO뚨볛쪧냜ꎬ뇈죧돐쿺짌ꎬ춶헟ꎬ랢탐죋횮볤뗄탅쾢늻뛔돆ꎬ컒맺쫐뎡뗄늻돉쫬ꎬ춶믺럕캧뫜얨뫱뗈ꆣ쯹틔퇐뺿IPO랢탐폐훘튪뗄쿖쪵틢틥ꆣ IPO틖볛돌뛈쫇폃막욱뗄랢탐볛폫짏쫐쫗죕쫕엌볛뗄닮뛮살뚨틥뗄ꎬ맺췢뗄톧헟튻냣쫇틔뛾벶쫐뎡폐킧캪잰쳡살뷸탐퇐뺿뗄ꎬ쯹틔뗃돶뗄뷡싛뚼쫇맘폚IPO뚨볛맽뗍뗄뷡싛ꎬ떫컒맺뛾벶쫐뎡쿠뛔살쮵잷랢듯ꎬ춶믺럕캧얨뫱ꎬ틔뛾벶쫐뎡폐킧캻캪잰쳡살뷸탐퇐뺿폐쪧욫웄ꆣ쯹틔뫜뛠톧헟뗃돶뗄IPO뚨볛맽뗍뗄뷡싛쫇횵뗃짌좶뗄ꆣ IPO뚨볛뿉틔듓솽룶랽쏦좥퇐뺿ꎬ튻쫇뛔릫쮾뷸탐맀횵ꎬ뛾쫇춨맽톯볛뺺볛랢쿖쫐뎡볛룱뛔릫쮾맀횵뷸탐탞헽ꆣ쯹틔IPO뗄뚨볛맽돌뿉틔춨맽좷뚨돵늽뗄뚨볛뗄튻룶쟸볤----좷뚨랢탐볛ꎬ뷸탐IPO----맛달뛾벶쫐뎡뗄볛룱ꆣ놾컄듓죽룶랽쏦살뛔IPO뚨볛뷸탐퇐뺿ꎬ뗚튻룶쫇IPO뗄맀횵랽램ꎬ뗚뛾쫇춨맽쒣탍뗄붨솢ꎬ뗃돶쫊뫏IPO뚨볛뗄쒣탍ꎬ뗚죽쫇IPO뗄랢탐쳥훆뫍IPO뗄뚨볛뗄랽쪽ꆣ춨맽뛔뛠훖맀횵랽램뗄뇈뷏ꎬ웚췻뗃떽쫊뫏컒맺뗄튻쳗맀횵쳥쾵ꆣ춨맽뛠틲쯘쒣탍뗄붨솢ꎬ헒돶폫IPO뚨볛폐맘뗄뇤솿ꎬ뷸탐붨쒣ꆣ춨맽뛔늻춬랢탐랢탐랽쪽뫍뚨볛랽쪽뗄뇈뷏ꎬ헒돶컒1
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 맺쿖퓚뚨볛훆뛈듦퓚뗄컊쳢늢쳡돶뷢뻶뗄냬램ꆣ 컄쿗ퟛ쫶 맺췢컄쿗ퟛ쫶 Ritterꎨ1991ꎩ뫍Loughran틔벰Ritterꎨ1995ꎩ랢쿖쫀뷧짏막쫐웕뇩뗄듦퓚탂막뚨볛욫뗍뗄쿖쿳ꆣ Benjamin Grahamꎨ1934ꎩ퓚1934쓪돶냦뗄횤좯럖컶튻쫩훐뛔쏀맺30쓪듺뗄막욱쫐뎡뗄놩뗸ퟶ쇋짮뿌뗄랴쮼ꎬ늢쟒좫쏦뗘닻쫶쇋쓚퓚볛횵뗄샭싛ꆣ쯻죏캪막욱볛룱쯦ퟅ볛횵늨뚯ꎬ릫쮾뗄볛횵쫇뻶뚨폚릫쮾캴살뗄펯샻쓜솦ꎬ막욱뗄볛룱쯤좻믡평폚튻킩럇샭탔뗄틲쯘뛸욫샫헽뎣뗄볛룱쟸볤ꎬ떫쫇듓뎤웚살뾴ꎬ막욱볛룱ퟮ훕믡믘떽헽뎣뗄볛룱ꆣ 1Rock & Kevinꎨ1989)횤쪵쇋ꆰ펮볒뗄ퟧ훤ꆱ쿖쿳뗄듦퓚ꆣ쯻쏇죏캪캪쇋컼틽탅쾢늻뛔돆뗄춶헟ꎬ믡쟣쿲폚IPO틖볛랢탐ꎬ틔놣횤춶헟룼뛠뗘짪릺탂막ꆣ Grinblatt and Hwangꎨ1989ꎩ죏캪쫐뎡훐듦퓚폅훊릫쮾뫍쇓훊릫쮾ꆣ폅훊릫쮾쟣쿲폚뗍볛랢탐ꎬ퓚붫살뗄퓶엤막훐틔룟볛룱쏖늹IPO랢탐쪱뗄쯰쪧ꎬ뛸쇓훊릫쮾쾣췻룟볛랢탐살믱뗃룼뛠뗄뷰ꎬ헢뻍쫇탅뫅볙쮵ꆣ Baron(1982)쳡돶쇋돐쿺짌슢뛏볙쮵ꎬ헢룶볙쮵쫇짏쫐릫쮾죏캪돐쿺짌쫇튵믺릹ꎬ쯹틔붫쯹폐뗄뻶뚨좨붻룸돐쿺짌ꎬ떫쫇짏쫐릫쮾컞램볠뚽돐쿺짌뗄탐캪ꎬ돐쿺짌캪쇋IPO쓜쮳샻랢탐튻냣틖볛랢탐ꆣ Tinicꎨ1982ꎩ쳡돶쇋램싉쯟쯏볙쮵ꎬ맺췢뗄램싉램맦뇈뷏췪짆ꎬ캪쇋뇜쏢쯟쯏뗄럧쿕돐쿺짌뫍짏쫐릫쮾튻냣틔틖볛랢탐막욱ꆣ Michelle Loery & Sclhwert(2004)퇐뺿쇋돐쿺짌퓚랢탐맽돌훐뗄탐캪ꎬ쯻쏇죏캪돐쿺짌늢쎻폐돤럖뗄뾼싇떽탅쾢뗄릫뾪랢탐ꎬ쯹틔뗄돶살뗄뷡맻튲늻쫇컞욫맀볆ꎬIPO뚨볛쒣탍쪧킧ꆣ & Allan (1987)쪹폃쇋볓쓃듳1971-1983횤좯쫐뎡뗄쫽뻝ꎬ횤쏷쇋볓쓃듳춬퇹듦퓚IPO틖볛뗄쿖쿳ꆣ늻춬뗄릫쮾틖볛돌뛈늻춬ꎬ튻냣퓚퓚9%%2횮볤ꆣ퓚ퟷ헟뗄퇐뺿훐ꎬ40%뗄퇹놾뗄IPO랢탐뚨볛욫룟ꆣ Todd Houge뗈(2001)볬퇩쇋춶헟퓚IPO맽돌훐IPO릫쮾볛횵폫IPO랢탐킧싊 1 Koh,F.&Walter ,T .,Adrect test of Rock's model of the pricing of unseasoned issues , Journal of Financial Economics,1989. 2 Vijay, & Allan,L.,Riding Undlerpricing in Canadian IPOs , Financial Analysts Journal ,1987. 2
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 횮볤뗄맘쾵ꆣ퓚랢탐죋훊솿놻좷뚨뗄믹뒡짏ꎬIPO랢탐헫뛔뗄춶헟풽뛠ꆢ짏쫐훍뫳3쪱볤풽뎤ꆢ훐잩싊풽룟ꎬ춶쫕틦풽뗍ꎬ헢폫Mliller(1997)뗄뷡싛쫇쿠춬뗄ꆣ Eugene fama쳡돶쇋폐킧쫐뎡볙쮵ꎬ룹뻝쫐뎡탅쾢늻춬뗄뮮럖ꎬ럖캪죵쫆폐킧쫐뎡ꎬ잿쫆폐킧쫐뎡뫍냫잿쫆폐킧쫐뎡ꆣ 맺쓚컄쿗ퟛ쫶 맺쓚톧헟뗄퇐뺿듳뚼쫇벯훐퓚퇐뺿IPO뚨볛뗄쪵횤랽쏦ꎬ늢쟒틔뛾벶쫐뎡폐킧캪잰쳡ꎬ퓋폃맺췢뗄샭싛틔벰쒣탍뛔컒맺뗄막욱쫐뎡뷸탐럖컶ꆣ 훬쓏ꎬힿ쿍ꎨ2004ꎩ뛔컒맺탂막짏쫐튻벶쫐뎡쿠맘샻틦헟뷸탐쇋늩?럖컶ꎬ살뷢쫍탂막뗄틖볛뗄컊쳢ꆣ쯻쏇죏캪컒맺IPO뗄틖볛샭싛늻쓜폃맺췢뗄쒣탍살뷢쫍ꎬ뛸쫇튪듓탂막뚨볛뗄탎돉믺훆랽쏦좥톰헒컊쳢ꆣ헾뢮ꎬ춶헟ꎬ짏쫐릫쮾죽룶늩?훷쳥펦룃룷ퟔ맩캻ꎬ닅쓜탎돉튻훖죽랽뗄솼탔뗄뮥뚯ꆣ폅탣뗄웳튵돉릦뗄짏쫐믱뗃뷰ꎬ춶헟럖쿭릫쮾짏쫐듸살뗄쫕틦ꎬ헾뢮틲맦랶뗄막쫐살믱뗃컈뚨랢햹뗄뺭볃뮷뺳ꆣ 쇵믔ꎬ태열ꎨ2005ꎩ뛔컒맺막좨럖훃뫍헾뢮맜훆뛔IPO틖볛퓬돉뗄펰쿬뷸탐쇋럖컶ꎬ쯻쏇죏캪훐맺쫐뎡ꆰ막좨럖훃ꆱ뫍ꆰ헾뢮맜훆ꆱ뗄훆뛈낲업쫇떼훂벫룟뗄IPO 틖볛뗄룹놾풭틲ꆣꆰ막좨럖훃ꆱ얤쟺쇋헽뎣뗄쫐뎡샻틦믺훆,틬뮯쇋IPO 닎폫룷랽뗄탐캪랽쪽,룮쇑쇋튻ꆢ뛾벶쫐뎡뗄쳗샻탐캪ꆣꆰ헾뢮맜훆ꆱ닺짺뗄톰ퟢ탐캪퓶볓쇋튻벶쫐뎡춶헟뗄돉놾,틲듋닺짺룼룟뗄IPO 틖볛 ꆣ죧맻늻뷢뻶막좨럖훃뫍헾뢮맜훆헢튻룹놾탔훆뛈컊쳢,죎뫎뻖늿탔뗄ꆢ벼쫵탔믲탎쪽짏뗄IPO 뇤룯듫쪩,훮죧뫋ힼ훆ꆢ떥뒿쫐뎡뮯톯볛ꆢ막욱럖엤랽쪽뗈뗈,횻뿉쓜쫇ꆰ뿕훐슥룳ꆱ ꆣ 퇏킡퇳ꎨ2008ꎩ뛔헾뢮퓚IPO훐뗄볛룱맜훆뷸탐쇋퇐뺿ꎬ듓톯볛훆뛈살뾴ꎬ웳튵랢탐튻냣틔30놶뗄쫐펯싊랢탐ꎬ퓚놨볛쪱췹췹횱뷓놨돶쫐펯싊30 놶쯹뛔펦뗄볛룱벴뿉ꆣ헢퇹볈뿉쪡좥랱쯶뗄웳튵맀횵릤ퟷ,튲뿉놣횤폫웤쯻톯볛뛔쿳뗄놨볛늻훂쿠닮첫풶ꆣ늻맽헢좴뫶싔쇋뛔웳튵믹놾쏦뗄맘힢,쳸맽쇋춶볛횵퇐뺿헢튻훘튪뮷뷚ꆣ짏쫶뚨볛랽쪽튲횱뷓떼훂샛볆춶뇪톯볛뗄ꆰ퓙듎뚨볛ꆱ릦쓜쪧킧ꆣ듓탂막뗄릩탨쟩뿶살뾴ꎬ퓚튻벶쫐뎡막욱쪵볊릩룸솿틑좷뚨뗄쟩뿶쿂,뛾벶쫐뎡뗄막욱릩룸솿뛔볛룱컞떯탔,틲듋뿉틔죏캪퓚막욱쫐뎡닺짺쇋ퟢꆣ튻벶쫐뎡뗄볛룱맜훆헾닟듽랢탐뷡쫸뫳붫늻웰ퟷ폃,컞램펰쿬뛾벶쫐뎡막욱뗄뚨볛ꆣ듓볛룱쮮욽살뾴,뛾벶쫐뎡뗄볛룱뫍튻벶쫐뎡볛룱횮볤듦퓚좱뿚,헽쫇룃좱뿚떼훂쇋IPO 쫐뎡뗄ퟢꆣ쯻죏캪탂막랢탐볛룱맜훆헾닟잡잡쫇IPO 쫐뎡ퟢ뷰뗄룹풴,횻폐떱볛룱늻퓙얤쟺ꆢ쓜랴펳돶쪵볊뗄릩탨맘쾵쪱,닅쓜릻쿻쏰ퟢ뷰ꆣ 3 Todd Houge, Tim Loughram, Gerry Suchanek, Xuemin Yan Divergence of opinion, uncertainty, and the quality of initial public offerings ,Financial Management,2001. 3
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 헅폀엊ꎨ2002ꎩ뛔IPO뷸탐뚨볛퇐뺿ꎬ죏캪IPO뚨볛폫랢탐맦쒣ꆢ쫐펯싊ꆢ짏쫐잰뗄뺻닺맦쒣랢햹잰뺰폐맘ꆣ돂몣쏷ꎬ샮뚫(2003)톡좡1996쓪ꆪ2003쓪랢탐뗄탂막4뷸탐퇐뺿ꎬ뛔춶틸탐볙쮵뷸탐퇩횤ꎬ쯻죏캪헢튻볙쮵퓚컒맺늻돉솢ꆣ퇮쪤룕(2006)닉폃듓1996쓪떽1997쓪355횧A막IPO뗄쫽뻝ꎬ랢쿖훐맺A막튻벶쫐뎡평폚퇏훘릩5늻펦쟳떼훂쇋IPO튻횱놻ힷ엵뗄쿖쿳ꎬ막욱쫗죕뎬뛮쫕틦튻횱뫜룟ꆣ 돂릤쏏ꎬ룟쓾(2000)톡좡1992-1996쓪볤짏쫐뗄480횻A막뫍35횻B막ퟷ캪퇹놾ꎬ뷸탐쪵횤럖컶ꎬ톡좡뗄뷢쫍뇤솿냼삨릫쮾맦쒣ꆢ릫쮾돉솢죕훁랢탐막욱죕뗄쓪쫽ꆢ룶죋춶헟돖막뇈샽ꆢ짏쫐볤룴ꆢ탩쓢췢막뇤솿틔벰릫쮾닆컱ힴ뿶뗈ꎬ퇐뺿뷡맻뇭쏷컒맺웳튵IPO틖볛뗄솽룶풭틲ꎺ쫗쿈ꎬ죧맻룃릫쮾뗄춶럧쿕뷏듳ꎬ릫쮾뺭펪헟믡틖볛랢탐막욱ꆣ퓚컒맺ꎬ듋볤룴듓튻쓪훁죽쓪늻뗈ꆣ뎤쪱볤뗄늻짏쫐쪹춶헟뫜쓑쿺쫛막욱ꎬ춬쪱쓑틔좷뚨막욱뗄볛횵ꆣ짏쫐훍뫳훷튪쫇평헾뢮뻶닟퓬돉뗄ꆣ탅쾢늻뻹뫢뫍6웤쯼럧쿕틲쯘늢럇랢탐틖볛뗄훷튪뷢쫍틲쯘ꆣ 웤듎ꎬ죧맻랢막릫쮾볆뮮퓚짏쫐늻뻃퓶랢막욱ꎬ퓲믡퓚튻벶쫐뎡폃뷏뗍뗄볛룱랢탐막욱ꆣ퓚컒맺ꎬ짏쫐릫쮾엤막욵랱ꎬ튻킩웳튵퓚튻벶쫐뎡횻랢탐짙솿막욱살뒴붨쫐뎡뫍붨솢막볛ꎬ퓙틔엤막죚ꆣ춬쪱ꎬ웳튵뗄뿬쯙돉뎤튲탨튪늻뛏틽죫놾ꆣ 닜럯ꎬ뚭탣솼(2006)톡좡쇋1997쓪훁2004쓪뗄525횻탂막쫽뻝ퟷ캪퇹놾ꎬ뛔릫쮾쓚퓚볛횵뇤솿뷸탐믘맩럖컶ꎬ믘맩뗄쓢뫍폅뛈뻍뇭쪾쇋IPO볛룱뗄뫏샭탔ꎬ릫쮾쓚퓚볛횵튻냣폃릫쮾뗄닆컱횸뇪듺뇭ꆣ춨맽쯻쏇뗄럖컶랢쿖폫쫐뎡볛룱쿠뇈뷏ꎬIPO랢탐볛룱뚼쓜쿠뛔뷏뫃뗘랴펳릫쮾뗄볛횵ꆣ쮵쏷탂막랢탐볛룱쿠뛔폚쫐뎡볛룱뻟폐룼룟뗄뫏샭탔ꎬ쇭튻랽쏦튲쮵쏷떼훂맽룟틖볛돌뛈뗄훷튪풭틲늢늻퓚폚랢탐볛룱욫뗍ꎬ뛸퓚폚뛾벶쫐뎡막욱볛룱탩룟ꎬ틲듋ꎬ뷢뻶탂막틖볛컊쳢쫗쿈뇘탫듓쳡룟뛾벶쫐뎡뗄볛7룱랴펳릦쓜죫쫖ꆣ 췵뻼늨ꎬ뗋쫶믛(2003)샻폃VARMA쒣탍뷸탐쇋쪵횤럖컶ꎬ퇐뺿쇋컒맺횤좯튻벶쫐뎡1996쓪떽1998쓪웚볤IPO막욱뗄쫗죕쫕틦싊폫훐잩싊ꆢꆢ랢탐볛룱ꆢ랢탐폫짏쫐횮볤뗄쪱볤볤룴ꆢ짏쫐잰쓪짏쫐릫쮾뗄뺻닺쫕틦싊틔벰짏쫐떱퓂듳엌욽뻹쫕틦횮볤8뗄맘쾵ꎬ랢쿖컒맺듦퓚룟뛮뗄쫗죕쫕틦싊ꆣ 췴듯쏷ꎬ풬췲뢣(2001)죏캪컒맺뛾벶쫐뎡뮹쫇훷튪틔뷰췆뚯뛸늻쫇튻룶샭탔뫍뫏샭춶믺뗄쫐뎡ꎬ듦퓚뷏듳뗄춶믺엝쒭ꆣ쒿잰컒맺횤좯쫐뎡볠맜늻퇏ꎬ늻업돽탂막퓚 4 돂몣쏷ꆢ샮뚫ꎺꆶ컒맺춶틸탐짹폾볙쮵뗄쪵횤퇐뺿ꆷꎬ뮪쓏뷰죚퇐뺿ꎬ2003쓪뗚5웚ꆣ 5 퇮쪤룕ꎺꆶ훐맺A막“hot issue”쿖쿳뗄쪵횤퇐뺿ꆷꎬ횤좯쫐뎡떼놨ꎬ2006쓪뗚2웚ꆣ 6 돂릤쏏ꆢ룟쓾ꎺꆶ훐맺막욱튻벶쫐뎡랢탐틖볛뗄돌뛈폫풭틲ꆷꎬ 뷰죚퇐뺿ꎬ2000쓪뗚8웚ꆣ 7 닜럯웧ꆢ뚭탣솼ꎺꆶ컒맺IPO뚨볛뗄뫏샭탔뗄쪵횤럖컶ꆷꎬ닆뺭퇐뺿ꎬ2006쓪뗚6웚ꆣ 8 췵뻼늨ꆢ뗋쫶믛ꎺꆶ컒맺횤좯튻벶쫐뎡럖컶ꆷꎬ맜샭뿆톧톧놨ꎬ2003쓪뗚1웚ꆣ 4
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 9뚨볛맽돌훐놻룟맀뗄뿉쓜ꆣ 퇐뺿쓚죝뫍뒴탂뗣 놾컄퇐뺿뿲볜 뗚1헂훷튪붫닻쫶IPO뚨볛뗄퇐뺿놳뺰틔벰틢틥ꆣ춬쪱ꎬ닻쫶IPO뚨볛쒿잰뗄쿖ힴꆣ뷓ퟅ뷩짜맺쓚췢뗄튻킩컄쿗ퟛ쫶ꎬ늢뛔놾컄뗄퇐뺿뿲볜뫍뒴탂뗣뷸탐볲떥뗄뷩짜ꆣ 뗚2헂훷튪쫇IPO뚨볛샭싛뗄룅쫶ꎬ듓솽룶랽쏦뷸탐뷩짜ꎬ튻룶쫇듓IPO뚨볛뗄믹놾샭싛뷸탐룅쫶ꎬ웤훷튪폐죽듳샭싛ꎺ쓚퓚볛횵샭싛ꆢIPO틖볛샭싛ꆢ폐킧쫐뎡볙쮵ꆣ듓헢죽훖샭싛뿉틔뾴돶톧헟뗄퇐뺿뷇뛈뫍쮼슷ꎬ틔벰쯹믹폚뗄볙짨ꆣ뛾쫇뷩짜IPO뚨볛뗄맀횵랽램ꆣ훷튪폐쿖뷰쇷쳹쿖쒣탍ꎬ뺭볃퓶볓횵쒣탍ꎨEVA쒣탍ꎩ뫍쿠뛔맀볛쒣탍죽훖ꆣ늻춬뗄웳튵쫊뫏늻춬뗄맀횵쒣탍ꎬ춨맽죽훖쒣탍뗄뷩짜ꎬ쓜릻룼ힼ좷뗘볆쯣돶릫쮾볛횵ꆣ 뗚3헂훷튪퇐뺿IPO뚨볛뗄펰쿬틲쯘ꎬ쫗쿈럖컶쓚늿틲쯘ꎬ춨맽쒣탍살럖컶쓄킩뇤솿폫IPO뚨볛폐맘ꆣ뷓ퟅ춨맽췢늿럖컶ꎬ듓헾닟탔틲쯘뫍럇헾닟탔틲쯘솽랽쏦럖컶ꆣퟮ뫳뷸탐쿠맘샻틦헟뗄탐캪럖컶ꎬ럖컶쯻쏇뗄뚯믺뫍늩?뗄뷡맻ꆣ 뗚4헂훷튪듓훆뛈랽쏦뷸탐럖컶ꎬ맺쓚뗄훆뛈럖쫐뎡ힼ죫훆뛈뫍IPO랢탐훆뛈솽랽쏦뷸탐럖컶ꎬ룹뻝2009쓪7퓂떽쿖퓚뗄탂막랢탐쫽뻝럖컶컒맺쿖뷱톯볛훆뛈뗄뷸늽폫늻ퟣꎬퟮ뫳춨맽61횧춬쪱퓚A막뫍H막짏쫐뗄막욱뷸탐뛔뇈럖컶ꎬ퇐뺿컒맺뗄늻ퟣ횮뒦ꎬ늢뷨본쿣룛뗄뺭퇩뷸탐룄룯ꆣ 뗚5헂훷튪뗃돶쒿잰IPO뚨볛쫇늻뫏샭뗄ꎬ뮹탨튪뷸튻늽뗄룄룯ꎬ좻뫳룸돶뫏샭뮯뗄헾닟뫍붨틩ꆣ 놾컄뒴탂뗣 놾컄뗄뒴탂뗣훷튪폐틔쿂죽뗣ꎻ 뗚튻ꎬ놾컄퓚잰죋퇐뺿뗄믹뒡짏ꎬ붨솢쇋IPO쫗죕쫕틦쒣탍ꎬ늢횤쪵쒣탍뗄폐킧탔ꎬ퓚뛔쒣탍훐뗄펰쿬틲쯘뷸탐럖컶ꎬ횸돶IPO쫗죕뎬뛮쫕틦뗄쓚퓚풭틲ꆣ춨맽뛔폐뿉쓜펰쿬IPO뚨볛뗄뇤솿뷸탐쒣탍뗄퇩횤ꎬ쓜릻뗃떽뫏샭뗄뷡맻ꆣ폐ퟅ뫜훘튪뗄닎뾼틢틥ꆣ 9 췴듯쏷ꆢ풬췲뢣 ꎺꆶ훐맺탂막짏쫐뎬뛮쫕틦싊뗄맀솿뫍럖컶ꆷꎬ톧쫵퇐뺿ꎬ 2001쓪뗚10웚ꆣ 5
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뗚뛾ꎬ놾컄믹폚탅쾢늻뛔돆샭싛ꎬ럖컶쇋춶헟ꆢ돐쿺짌ꆢ짏쫐릫쮾뗄탐캪ꎬ뗃돶쇋IPO랢탐볛룱욫룟뗄뷡싛ꎬ훐맺놾짭놾쫐뎡뗄쳘쫢뗄탔훊퓬돉쇋IPO늻뷶튻벶쫐뎡뚨볛맽룟ꎬ뛸쟒뛾벶쫐뎡쫕엌볛탩룟ꆣ쯹틔룹뻝죽랽뗄탐캪럖컶쓜릻쇋뷢떽컒맺탂막릩늻펦쟳쫇훷튪뗄풭틲ꆣ 뗚죽ꎬ듓훆뛈랽쏦살럖컶풭틲ꎬ춨맽09쓪틔살ퟮ탂뗄쫽뻝살럖컶톯볛훆뛈뗄폅쫆폫늻ퟣꎬ늢춨맽훐맺훐튱ퟶ낸샽럖컶ꎬ폫쿣룛뛔뇈ꎬퟜ뷡맺쓚쫐뎡뗄늻ퟣꆣ맺쓚듦퓚훐잩싊맽뗍뫍쫐펯싊맽룟뗄컊쳢ꎬ훐잩싊맽뗍퓬돉훐킡웳튵춶헟뗄샻틦쫜떽짋몦ꎬ쫐펯싊맽룟틢캶ퟅ웳튵뗄쓚퓚볛횵듦퓚룟맀뗄뿉쓜ꆣ듓쿖뷱뗄훆뛈살뾴컒맺탂막릩늻펦쟳뗄쿖쿳죔좻쎻폐뷢뻶ꆣ뇊헟죏캪듓랢탐훆뛈짏튪듓뫋ힼ훆쿱힢닡훆뇤ꎬ럅뾪탐헾맜훆ꎬ죃폐쳵볾짏쫐뗄웳튵뚼쓜뗃떽죚뗄믺믡ꆣ쇭튻랽쏦늻뷶튪뾼싇믺릹춶헟뗄샻틦튲튪뾼싇떽훐킡춶헟뗄샻틦ꎬ뿉틔틽뷸믘늦믺훆뗈랽램뷸탐튻킩룄뷸ꆣ 6
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 2 IPO뚨볛샭싛폫랽램 IPO뚨볛샭싛냼삨IPO뗄뚨볛뗄튻킩믹놾샭싛틔벰IPO뗄뚨볛맀횵랽램ꆣ쓚퓚볛횵샭싛ꎬIPO틖볛샭싛뫍폐킧쫐뎡볙쮵틑뺭돉캪IPO뚨볛뗄믹놾샭싛ꎬ퓚헢룶믹뒡짏랢햹돶늻춬뗄IPO맀횵쒣탍ꆣ IPO뚨볛뗄믹놾샭싛 쓚퓚볛횵샭싛 쓚퓚볛횵샭싛뻍쫇틀뻝믹놾쏦뗄럖컶ꎬ죏캪릫쮾IPO뗄뚨볛뻍쫇틔릫쮾뗄쓚퓚볛횵캪틀뻝ꆣ퓚움맀IPO뗄뚨볛뗄맽돌훐ꎬIPO뚨볛믡쫜떽살ퟔ뫜뛠틲쯘뗄펰쿬ꎬ뇈죧막욱쫐뎡뗄릩쟳뗄늻춬ꎬ훆뛈쳥쾵뗄틲쯘뗈ꆣ놾뷜쏷ꆤ룱샗뛲쒷폫듷캬ꆤ뛠뗂퓚횤좯럖컶헢놾쫩훐ꎬ뛔믹놾쏦럖컶뗄샭싛ퟶ쇋뫜뫃뗄닻쫶ꎬ쯻쏇죏캪막욱뗄볛룱쫇캧죆볛횵늨뚯뗄ꎬ쯹틔죎뫎볛룱욫샫쇋볛횵쫇늻뫏샭뗄ꎬ쯹틔뇘좻믡믘맩떽헽뎣뗄볛룱쟸볤샯ꆣ 쯻쏇죏캪릫쮾뗄쓚퓚볛횵좡뻶폚릫쮾캴살뗄펯샻ꎬ뛸떱쪱죋쏇뚼죏캪펦룃뻶뚨폚헋쏦볛횵ꆣ뛔폚돖탸펯샻쓜솦잿ꎬ훷펪튵컱쓜솦춻돶ꎬ폐욽컈쿖뷰쇷뗄웳튵ꎬ뿉틔폃막샻쳹쿖쒣탍ꎨDividend Discount Modelꎩꎬ볲돆DDMꎬ TDtt∑1+r() 막욱쎿막볛횵= ꎨꎩ t=1Dt캪쎿막쿖뷰뫬샻ꎬr캪쳹쿖싊 돽듋횮췢뮹폐쿖뷰쇷쳹쿖쒣탍뫍쫐펯싊맀횵램ꎬ헢킩쒣탍퓶볓쇋튻킩닆컱쫽뻝ꎬ릦쓜룼볓잿듳쇋ꆣ 떫쫇쓚퓚볛횵샭싛쯤좻뾴쯆뿉틔뗃떽막욱ힼ좷뗄볛횵ꎬ떫춨맽뎤웚쪵볹뗄퇐뺿랢쿖ꎬ쯼듦퓚죽룶좱쿝ꆣ튻쫇쎻폐붫럧쿕뗄틲쯘돤럖뗄볆쯣퓚쓚ꎬ떫쫇붫살뫬샻럖엤뗄럧쿕ꎬ막욱볛룱ퟔ짭뇤뚯뗄럧쿕뫍쳹쿖싊뗄뇤뚯럧쿕뚼쓑틔볆쯣돶살ꆣ뛾쫇쒣탍뫜쓑붫뫪맛뺭볃랽쏦뗄틲쯘냼몬퓚쓚ꆣ죽쫇쒣탍훐룷룶뇤솿뗄럧쿕뫜쓑볆쯣ꆣ쯹틔쓚퓚볛횵샭싛ퟜ쳥살쮵늻쫊뫏IPO뚨볛ꆣ 7
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 IPO틖볛샭싛 IPO틖볛샭싛쫇횸IPO랢탐볛뗍폚짏쫐쫗죕뗄쫕엌볛ꆣ랢듯놾쫐뎡뗄틖볛돌뛈풼캪15%ꎬ샽죧볓쓃듳ꆢ램맺뗈탭뛠랢듯맺볒뗄욽뻹틖볛싊늻떽10%ꎬ뛸탂탋맺볒뗄틖볛돌뛈튪풶룟폚돉쫬놾쫐뎡ꎬ샽죧냍컷ꎬ십살컷퇇뚼듯떽쇋80%틔짏ꆣ컒맺막욱쫐뎡뗄욽뻹틖볛싊룼룟ꎬ룹뻝CCER뺭볃뷰죚퇐뺿쫽뻝뿢뗄쫽뻝춳볆럖컶ꎬ컒맺막욱쫐뎡1991-2009쓪탂막랢탐뗄쫗죕뎬뛮쫕틦싊욽뻹룟듯201%ꆣ컒맺막욱쫐뎡랢햹떽쿖퓚붫뷼폐20쓪ꎬ퓚쫐뎡ힼ죫훆뛈뫍막욱뚨볛훆뛈랽쏦뷸탐맽뛠듎룄룯ꎬ듓탐헾뮯떽쿖퓚뗄쫐뎡뮯ꎬ09쓪7퓂IPO훘웴횮뫳쯹폐탂막짏쫐뗄뎬뛮쫕틦풼캪57%ꎬ쿠뇈틔잰틑뺭듳폐붵뗍ꎬ떫쫇죔좻룟폚돉쫬놾쫐뎡ꆣ죧뫎뷸튻늽뗄룄짆컒맺뗄탂막랢탐훆뛈ꎬ죧뫎쪹컒맺놾쫐뎡IPO룼볓돉쫬뮯튲뻍돉캪쇋컒맺톧헟쏇퇐뺿뗄훘뗣ꆣ 맺췢톧헟듓짏쫀볍70쓪듺뻍뷸탐쇋쿠맘뗄퇐뺿ꎬ떽쿖퓚ꎬ틑뺭탎돉쇋뫜뛠샭싛ꎬ뗃떽맣랺죏뿉뗄샭싛폐ꎺ ꎨ1ꎩ쪤헟ퟧ훤볙쮵 헢쫇Rock뫍Kevin퓚1986쓪튻욪쳢캪ꆰWhy new issues are underpricedꆱ뗄싛컄훐쳡돶뗄ꎬ쯻쏇쫇룹뻝탅쾢늻뛔돆샭싛ꎬ붫춶헟럖캪솽샠ꎺ튻샠쫇헆컕탂막탅쾢뗄춶헟ꎬ튻샠쫇늻쇋뷢탂막탅쾢뗄춶헟ꆣ평폚헢솽헟횮볤뗄탅쾢늻뛔돆ꎬ죧맻탂막뗄뚨볛맽룟ꎬ쓇쎴폐탅쾢폅쫆뗄튻랽붫믡럅웺짪릺뗄좨샻ꎬ뛸캴헆컕탅쾢뗄춶헟퓲믡뷓쫜룟볛뗄탂막ꎬ떼훂쫕틦뿉쓜쫇뢺횵ꆣ헢뻍쫇쪤헟ퟧ훤볙쮵ꆣ ꎨ2ꎩ탅뫅볙쮵 Grinblatt 뫍Hwang퓚튻욪쳢캪ꆰSignaling and the pricing of new issuesꆱ뗄컄헂훐쳡돶쇋탅뫅볙쮵ꆣ탅뫅볙쮵쫇횸듦퓚솽훖릫쮾ꎬ튻훖쫇폅훊릫쮾ꎬ튲뻍쫇튵벨뷏뫃뗄릫쮾ꎬ헢훖릫쮾쟣쿲폚뗍볛랢탐ꎬ헢퇹폅훊릫쮾뻍쿲춶헟뒫뗝튻룶탅뫅ꎬ쓇뻍쫇릫쮾캴살뻟폐솼뫃뗄랢햹ꎬ뷱뫳붫믡춨맽룟볛퓶랢탐살쏖늹IPO뚨볛맽뗍듸살뗄쯰쪧ꆣ뛸쇓훊릫쮾쟣쿲폚룟볛랢탐ꎬ헢쫇틲캪퓚룟볛랢탐훐쓜믱뗃뫜듳뗄뷰쫕틦ꆣ ꎨ3ꎩ돐쿺짌슢뛏볙쮵 룃볙쮵쫇평Barron퓚튻욪ꆰA model of the demand for investment banking advising and distribution service s for new issuesꆱ뗄컄헂훐쳡돶뗄ꎬ룃볙쮵쫇횸짏쫐릫쮾죏캪돐쿺짌쫴폚튵믺릹ꎬ퓚뚨볛랽쏦폐룼뛠뗄뮰폯좨ꎬ쯹틔짏쫐릫쮾뻍붫뚨볛좨붻룸돐쿺짌ꆣ떫쫇짏쫐릫쮾쎻폐냬램뫜뫃뗘쟸볠뚽돐쿺짌뗄탐캪ꎬ쯹틔퓚막욱랢탐뚨볛뗄쪱뫲돐쿺짌믡쟣쿲폚틖볛랢탐ꎬ헢퇹쓜죝틗쪹IPO돉릦랢탐ꆣ 8
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 ꎨ4ꎩ램싉럧쿕볙쮵 헢룶볙쮵쫇평Tinic1988쓪퓚컄헂ꆰAnatomy of Initial Public Offerings of Common Stockꆱ쳡돶뗄ꎬ훷튪쫇폃살뷢쫍쏀맺뗄IPO틖볛쿖쿳ꆣ퓚쏀맺ꎬ평폚램싉뫍쿠맘훆뛈뫜췪짆ꎬ돐쿺짌ꎬ짏쫐랢탐쪱붫믡쫜떽쯟쯏뗄럧쿕ꆣ죧맻춶헟랢쿖돐쿺짌뫍짏쫐릫쮾폐탩볙닙ퟷ뗄탐캪믲헟쫇맊틢틾싷튻킩헦쿠ꎬ뿉틔떽램풺뷸탐쯟쯏ꆣ헢퇹짏쫐릫쮾뫍돐쿺짌캪쇋뇜쏢쯟쯏뗄럧쿕ꎬ뇣믡뗍볛랢탐ꎬ틔놣횤춶헟뗄쫕틦ꆣ ꎨ5ꎩ춶믺-엝쒭볙쮵 LjungqvistꎬNandaꎬand 퓚2004쓪뗄컄헂ꆰHot Markets Investor Sentiment and IPO Pricingꆱ훐쳡돶춶믺-엝쒭볙쮵ꆣ룃볙쮵죏캪IPO맽룟뗄뎬뛮놨돪싊쫇춶믺헟춶믺폻췻퓬돉뗄ꆣ평폚IPO놻춶헟맽뛈죏릺ꎬ탭뛠춶믺헟틔헐막볛죏릺IPO늻죝틗돉릦ꆣ튻떩IPO맒없짏쫐ꎬ춶믺틲쯘믡붫IPO볛룱췆떽뎬맽웤쓚퓚볛횵뗄볛캻ꆣ 쫐뎡폐킧볙쮵 퓧웚뗄IPO샭싛뚼쫇퓚뛾벶쫐뎡폐킧뗄잰쳡쿂뷸탐뗄ꎬ떫쫇뛾벶쫐뎡쫇럱폐킧뮹듦퓚ퟅ헹틩ꆣ20쫀볍60쓪듺ꎬ쏀맺횥볓룧듳톧뗄닆컱볒폈뷰.램쒬쳡돶쇋훸쏻뗄폐킧쫐뎡볙쮵ꆣ쯻죏캪횻튪횤좯뗄쫐뎡볛룱돤럖벰쪱뗘랴펳쇋좫늿폐볛횵뗄탅쾢ꎬ쫐뎡볛룱듺뇭ퟅ횤좯뗄헦쪵볛횵ꎬ헢퇹뗄쫐뎡뻍돆캪ꆰ폐킧쫐뎡ꆱꆣ 듯떽폐킧뗄훘튪잰쳡폐솽룶ꎺ튻쫇춶헟뇘탫뻟폐뛔탅쾢뷸탐볓릤ꎬ럖컶ꎬ늢쓜릻헽좷에뛏횤좯볛룱뇤뚯뗄쓜솦ꆣ뛾쫇쯹폐펰쿬횤좯볛룱뗄탅쾢뚼쫇ퟔ평쇷뚯뗄ꆣ쯹틔튪쳡룟쫐뎡킧싊ꎬ튻랽쏦튪볓잿뛔춶헟뗄뷌폽ꎬ쳡룟쯻쏇뛔횤좯럖컶뗄쓜솦ꎬ듓쇭튻랽쏦탨튪췪짆탅쾢엻슶뗄훆뛈ꎬ쫨떼탅쾢뗄쇷뚯ꆣ 톧쫵뷧튻냣틀뻝횤좯쫐뎡볛룱뛔죽샠늻춬쇏뗄랴펦뗄돌뛈ꎬ붫횤좯쫐뎡럖캪죵쫆폐킧쫐뎡ꎬ냫잿쫆폐킧쫐뎡뫍잿쫆폐킧쫐뎡ꆣ ꎨ1ꎩ 죵쫆폐킧쫐뎡 퓚죵쫆폐킧쫐뎡훐ꎬ횤좯뗄볛룱틑랴펳쇋샺쪷짏튻쾵쇐뗄붻틗볛룱뫍붻틗솿쯹틾몬뗄탅쾢ꎬ춶헟컞램춨맽횤좯럖컶살믱뗃뎬뛮샻죳ꆣ틢쮼쫇튪춨맽톰쟳샺쪷볛룱탅쾢틔췢뗄탅쾢살ힷ쟳뎬뛮믘놨ꆣ퓚헢룶쫐뎡훐늢늻쫇쯹폐뗄춶헟뛔쯹엻슶뗄탅쾢뚼쓜ퟶ돶헽좷뗄에뛏뫍샭뷢ꎬ횻튪헆컕쇋쏅뗄럖컶릤뻟뫍럖컶쓜솦뗄튵죋닅닅쓜뛔쯹엻슶뗄탅쾢ퟶ돶잡떱뗄샭뷢뫍에뛏ꆣ ꎨ2ꎩ냫잿쫆폐킧쫐뎡 퓚냫잿쫆폐킧쫐뎡훐ꎬ횤좯떱잰뗄볛룱췪좫랴펳쯹폐뗄릫뾪탅쾢ꎬ늻뷶냼삨횤좯9
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 볛룱탲쇐탅쾢ꎬ뮹냼삨폐맘릫쮾볛횵ꎬ뫪맛뺭볃헾닟랽쏦뗄탅쾢ꆣ죧맻횤좯쫐뎡쫇냫잿쫆뗄ꎬ쓇쎴떥떥틀뾿릫뾪뗄쇏뷸탐럖컶붫뫁컞냯훺ꎬ틲캪캴살뗄볛룱쫇틀뾿ퟮ탂뗄릫뾪탅쾢ꎬ쓇쎴횻폐춨맽쓚쒻탅쾢닅쓜믱뗃뎬뛮뗄믘놨ꆣ ꎨ3ꎩ잿쫆폐킧쫐뎡 퓚잿쫆폐킧쫐뎡훐ꎬ횤좯볛룱뿉틔랴펳쯹폐뗄쿠맘탅쾢ꎬ냼삨릫뾪뗄탅쾢뫍쓚쒻탅쾢ꆣ퓚헢훖쫐뎡훐ꎬ웳춼춨맽톰헒쓚쒻쇏살듲믷쫐뎡뗄ퟶ램쫇늻샭훇뗄ꆣ죎뫎튵춶헟뗄뇟볊쫐뎡볛횵캪쇣ꎬ틲캪쎻폐죎뫎쇏살풴뫍볓릤쓜릻컈뚨뗘퓶볓쫕틦ꆣ쯹틔퓚잿쫆폐킧쫐뎡훐ꎬ횤좯춶ퟩ뫏뗄맜샭헟믡믡톡퓱쿻벫놣쫘뗄첬뛈ꎬ횻ힷ쟳쫐뎡뗄욽뻹쫕틦ꆣ IPO뚨볛뗄맀횵랽램 퓚톯볛훆뛈쿂ꎬ탂막뗄랢탐볛룱훷튪평돐쿺짌뫍랢탐죋킭짌좷뚨랢탐볛룱ꎬ훷돐쿺짌믡맀쯣돶탂막랢탐뗄볛룱쟸볤ꎬퟮ뫳좷뚨뗄볛룱ퟷ캪쫐뎡랢탐볛룱ꆣ탂막뗄뚨볛맀횵쳥쾵훷튪평죽훖ꎺ쿖뷰쇷쳹쿖쒣탍ꎬ쿠뛔막볛쒣탍ꎬ뺭볃쫕틦뢽볓횵쒣탍ꎨEVAꎩ.죽훖쒣탍룷폐쳘뗣ꎬ탨튪튵뗄듓튵죋풱뷸탐에뛏ꎬ톡퓱쫊뫏뗄맀횵쒣탍ꆣ 쿖뷰쇷쳹쿖쒣탍 쿖뷰쇷쳹쿖쒣탍쫇퓋폃쫕죫뗄뗄놾뮯뚨볛랽램살뻶뚨웕춨막욱쓚퓚볛횵뗄랽램ꆣ내헕쫕죫뗄놾뚨볛랽램ꎬ죎뫎닺뗄쓚퓚볛횵쫇평춶헟퓚캴살쪱웚쯹뷓쫜뗄쿖뷰쇷뻶뚨뗄ꆣ쿖뷰쇷쳹쿖쒣탍쫊뫏캴살쿖뷰쇷뇈뷏컈뚨뗄웳튵ꎬ뛸뛔폚쿖뷰쇷뇈뷏듳뗄웳튵퓲늻쫊뫏ꆣ ꎨ1ꎩ볆쯣릫쮾뗄쿖뷰쇷솿 튪쯣돶캴살뗄쿖뷰쇷솿ꎬ튪쫕벯릫쮾뷼5쓪믲헟5쓪틔짏뗄닆컱쫽뻝ꎬ냼삨쿺쫛쫕죫ꎬ쮰쾢잰샻죳ꎬ첯쿺잰샻죳ꎬ쇷뚯뷰ꎬ헛뻉뗈닆컱쫽뻝ꆣ좻뫳탨튪룹뻝릫쮾뗄퇐뺿ꎬ틔벰볒뛔탐튵뗄잰뺰뗄풤닢ꎬ뇠훆돶튻쳗10쓪ퟳ폒뗄닆컱뗄풤닢뗄쫽뻝ꆣퟮ뫳뻍틀뻝풤닢뗄쫽뻝좥볆쯣쎿웚쿖뷰쇷솿풤닢뗄쫽뻝ꆣ ퟔ평쿖뷰쇷솿=뺻샻죳+헛뻉첯쿺-놾횧돶-쇷뚯쿖뷰뗄퓶볓+쮰뫳샻쾢럑폃 ꎨ2ꎩ볆쯣쳹쿖싊 뷓ퟅ탨튪볆쯣쳹쿖싊ꎬ볓좨욽뻹놾돉놾ꎨWACCꎩ듺뇭릫쮾뗄헻쳥욽뻹돉놾ꎬ뿉뫢솿튻룶쿮쒿쫇럱횵뗃춶ꆣ릫쮾쿖뷰쇷솿뗄쳹쿖싊뿉틔폃WACC살뇭쪾ꆣ 10
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 DEWACC=×+C ꎨꎩ deD+ED+ED캪풤닢놾훐뗄햮컱ꎬE캪풤닢놾훐뗄막뚫좨틦ꎬC캪쮰뫳햮컱돉놾ꎬC캪de막좨돉놾ꆣ ꎨ3ꎩ볆쯣훕횵웚 뛔폚훕웚횵뗄볆쯣ꎬ폐솽훖랽쪽ꎬ튻쫇놶쫽램ꎬ뛾쫇폀뻃퓶뎤싊램ꆣ놶쫽램쫇횸샻폃풤닢뗄닆컱쫽뻝ꎬ퓋폃릫쮾쯹퓚탐튵쫊뫏뗄놶쫽볆쯣릫쮾훕웚횵ꆣ폀뻃싊퓶뎤램쫇횸볙짨릫쮾틔늻뇤뗄퓶뎤싊뷸탐퓶뎤뗄쳵볾쿂ꎬ맀쯣훕웚횵ꆣ 볆쯣릫쪽쫇훕웚횵=릫쮾풤닢뗄쿖뷰쇷솿/WACC-g ꎨg쫇늻뇤퓶뎤싊ꎩ ꎨ4ꎩ릫쮾ퟜ볛횵 릫쮾뗄ퟜ볛횵뻍쫇훕웚횵폫풤닢웚뗄쿖뷰쇷솿내WACC헛쿖뫳뗄쿖횵횮뫍ꆣ ꎨ5ꎩ쏴룐탔럖컶 ퟮ뫳룸WACC뫍풤웚뗄퓶뎤싊ퟶ쏴룐탔럖컶ꎬ춨맽쏴룐탔럖컶뇣쓜뗃돶뫏샭뗄막욱뚨볛뗄쟸볤ꆣ 쿖뷰쇷솿쳹쿖쒣탍뗄폅뗣쫇횱맛쏷쇋ꎬ춨맽뛔쿖뷰쇷뗄놾뮯살맀쯣막욱뗄뚨볛쟸볤ꎬ헢훖랽램쫊뫏돉쫬뗄탐튵ꆣ떫쫇쯼튲폐뫜뛠좱쿝ꆣ튻쫇릫쮾캴살뗄쿖뷰쇷솿뫜쓑맀쯣ꆣ평폚늻춬뗄릫쮾퓚뺭펪쓜솦뫍뺭펪샭쓮짏뗄닮뇰ꎬ쪹뗃쿖뷰쇷뫜쓑맀쯣ꆣ쯹틔믡돶쿖욫닮ꆣ뛾쫇쳹쿖싊뗄볆쯣튲폐쓑뛈ꆣ쪹폃CAPM쒣탍살볆쯣막좨돉놾튻횱듦퓚ퟅ헹틩ꆣ죽쫇훕웚횵뗄볆쯣튲듦퓚ퟅ컳닮ꆣ퓋폃풤닢뗄쫽뻝틔벰샺쪷뗄쫽뻝뗃돶살뗄뷡맻믡듦퓚튻뚨뗄컳닮ꆣ 쯹틔듓짏쏦뗄ퟜ뷡뿉틔뾴돶ꎬ쿖뷰쇷쳹쿖쒣탍듦퓚튻뚨뗄컊쳢ꎬ폈웤쫇컒맺막쫐룼볓쓑틔맀볆ꆣ쯹틔퓚쪵볹훐탨튪닠훘폚웤쯼뗄뚨볛쒣탍ꆣ 뺭볃퓶볓횵쒣탍ꎨEVA쒣탍ꎩ EVA쒣탍쫇Stern Stewart톯릫쮾뾪랢뗄ꎬ쫇튻훖탂뗄볛횵럖컶릤뻟ꆣEVA뗈폚릫쮾쮰뫳뗄샻죳복좥햮컱뫍막놾돉놾ꆣEVA뗄뫋탄쮼쿫쫇릫쮾뗄볛횵뗈폚릫쮾ퟜ뗄춶죫뷰뫍EVA캴살쿖횵횮뫍ꆣ캪쇋뾼뫋놾뺻쫕틦뗄쟩뿶ꎬ튪붫놾쫕틦훐뿛돽놾돉놾ꎬ움볛웳튵떱잰틑뺭쪵쿖뗄쫕틦ꆣ90쓪듺틔뫳맺췢뗄듳릫쮾틑뺭쿠볌뾪쪼쪹폃EVA횸뇪ꆣ 11
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뇭2-1 늻춬튵벨뫢솿횸뇪뛔릫쮾막놾쫐횵뗄뷢쫍솦 튵벨뫢솿뗄횸뇪쮵럾솦 2쿺쫛쫕죫퓶뎤싊R=9% 2막샻퓶뎤싊 R=16%2쎿막쫕틦퓶뎤싊R=18%2쿖뷰쇷퓶뎤싊 R=22%2뺻닺퓶뎤싊 R=35%2EVA R=50%EVA볆쯣뗄늽훨 ꎨ1ꎩ맀쯣웳튵뒴퓬EVA쓜솦뗄쓪쿞 릫쮾뗄쪵볊쫕틦닅쓜뎬맽웚췻쫕틦ꎬ쓇쎴뺭볃퓶볓횵쫇헽뗄ꆣ튻냣릫쮾퓚뺺헹폅쫆뗄쓪쿞쓜릻뎬돶웚췻뗄쫕틦횵ꆣ 뇭2-2에뛏릫쮾뺺헹폅쫆쓪쿞뗄뇪ힼ 릫쮾뺺헹폅쫆뗄쓪쿞 릫쮾뗄쳘헷 듳폚20쓪 뻟폐욷없볛횵ꎬ쫴폚돉쫬탐튵ꎬ뷸죫쏅볷룟ꎬ닺욷짺쏼훜웚뇈뷏뎤 10쓪폫20쓪횮볤 닺욷쿠뛔살쮵늻뻟놸뻸뛔뗄폅쫆ꎬ늢쟒닺욷뗄짺쏼훜웚뇈뷏뛌 킡폚10쓪떫듳폚5쓪 튻냣살쮵쫇룟뿆벼탐튵ꎬ닺욷뗄돉쏻훜웚뛌ꎬ뷸죫쏅볷뇈뷏뗍 ꎨ2ꎩ볆쯣풤닢웚쓚룷웚EVA뗄횵 EVA=쮰뫳펪튵샻죳ꎨNOPATꎩ-놾돉놾 ꎨꎩ NOPAT=뺻샻죳+짙쫽막뚫쯰틦+샻쾢럑폃+웤쯼ힼ놸뷰폠뛮뗄퓶볓+퇐랢럑폃-퇐랢럑폃퓚떱쓪뗄첯쿺 놾돉놾=릫쮾뗄ퟜ춶죫뷰뛮×WACC ꎨꎩ ꎨ3ꎩ볆쯣릫쮾뗄ퟜ볛횵 nEVAi릫쮾뗄ퟜ볛횵=릫쮾퓚떱쓪쪵볊뗄춶죫뷰뛮+ ꎨꎩ ∑1+WACC()2i=1EVA볆쯣뗄맽돌훐쪹폃뗄쫇믡볆쫽뻝ꎬ웤뷡맻뗄ힼ좷뛈뮹쫇믡쫕떽믡볆쫽뻝뗄펰쿬ꆣ퓚뛔뺻샻죳뗄튻쾵쇐뗷헻췹췹쫇뫜뢴퓓뗄ꎬ퓚뗷헻훐믡돶쿖튻킩얼좻탔ꎬ헢펰쿬쇋EVA뗄ힼ좷탔ꆣ놾돉놾뗄늨뚯ꆢ릫쮾맦쒣뫍헛뻉랽램뚼뛔EVA폐뷏듳뗄펰쿬ꆣ뛔12
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 폚뇤뮯뷏뿬뗄릫쮾ꎬ뇈죧뷰죚릫쮾ꎬ훜웚탔잿뗄릫쮾ꎬ삩헅탍릫쮾ꎬEVA뗄랽램늢늻쫊뫏ꆣ 쿠뛔맀볛쒣탍 쿠뛔맀볛쒣탍뻍쫇붫쒿뇪릫쮾뫍춬탐튵쿠뷼뗄릫쮾뷸탐뇈뷏ꎬ뛔릫쮾뗄볛횵뷸탐맀쯣뗄튻훖랽램ꆣ춨맽톡폃튻킩훘튪뗄닆컱횸뇪ퟷ캪닎쫽뷸탐맀쯣ꎬ볆쯣돶맀횵놶쫽ꎬ퓙폃뺭펪닎쫽돋틔맀쯣놶쫽ꎬ뇣쓜뗃떽쒿뇪릫쮾뗄볛횵ꆣ 1.톡좡뿉뇈뷏뗄릫쮾 퓚톡폃뿉틔뇈뷏릫쮾뗄쪱뫲ꎬ힢틢듓솽룶랽쏦뷸탐톡퓱ꎬ튻쫇듓뺭펪랽쏦ꎬ뿉톡폃탐튵ꎬ뿍뮧ꎬ뺭펪훜웚ꎬ쿺쫛쟾뗀ꎬ닺욷뗈틲쯘ꆣ뛾쫇듓닆컱횸뇪뷸탐톡좡ꎬ뇈죧쿺쫛쫕죫ꎬ뺻샻죳ꎬ막뚫뷡릹ꎬ뢺햮싊ꎬ닺맦쒣ꎬ펪튵샻죳ꎬ막뚫뫬샻뗈틲쯘ꆣ퓚톡퓱릫쮾뗄쪱뫲ퟮ뫃톡퓱춬탐튵ꎬ맦쒣쿠뷼뗄릫쮾ꆣ 2.볆쯣맀횵놶쫽 퓚볆쯣맀횵놶쫽뗄쪱뫲폐솽훖랽램ꆣ ꎨ1ꎩ 쫐펯싊놶쫽램 뿉뇈릫쮾막욱쫐뎡볛횵뿉뇈릫쮾쫐펯싊놶쫽=뿉뇈릫쮾뺻샻죳 ꎨꎩ 헢훖랽램죝틗볆쯣ꎬ쫊뫏돉쫬뗄탐튵ꆣ떫뺻샻죳평폚믡볆ힼ퓲뗄늻춬ꎬ횸뇪뿉쓜돶쿖튻킩욫닮ꎬ퓚쪵볹떱훐탨튪튻킩뗷헻ꆣ ꎨ2ꎩ EBIT놶쫽램 뿉뇈릫쮾ퟜ볛횵EBIT놶쫽=뿉뇈릫쮾EBIT ꎨꎩ EBIT놶쫽램뗄폅뗣쫇쿻돽쇋샻쾢횧돶뫍쯹뗃쮰뛔릫쮾펯샻뗄펰쿬ꎬ쓜릻룼ힼ좷뗄볆쯣릫쮾볛횵ꎬ늢쟒붫첯쿺뫍헛뻉튲볆쯣퓚쓚ꎬ잿뗷릫쮾뗄뒴퓬펯샻뗄쓜솦ꆣ EBIT쿠뛔살쮵쫊폃폚잰웚춶죫뻞듳뗄릫쮾ꎬ뇈죧몽뿕ꎬ쪯폍ꎬ뗧탅뗈릫쮾ꆣ ꎨ3ꎩ 쿺쫛쫕죫놶쫽램 뿉뇈릫쮾ퟜ볛횵쿺쫛쫕죫놶쫽램=뿉뇈릫쮾쿺쫛쫕죫 ꎨꎩ 쿺쫛쫕죫놶쫽램뗄폅뗣쫇쫊폃폚죎뫎릫쮾ꎬ탂탋뗄릫쮾튲쓜쫊폃ꎬ폃춾뇈뷏맣랺ꆣ ꎨ4ꎩ 폃뮧쫽쒿놶쫽램 13
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뿉뇈릫쮾ퟜ볛횵뿉뇈릫쮾폃뮧쫽쒿놶쫽=뿉뇈릫쮾폃뮧쫽쒿 ꎨꎩ 폃뮧쫽쒿놶쫽램쫊폃폚튻킩뇈뷏컈뚨뗄릫쮾ꎬ퓚헢킩릫쮾샯ꎬ뿍뮧뇈뷏컈뚨ꎬ쓜룸릫쮾듸살돖탸컈뚨뗄쫕죫ꎬ뇈죧폐쿟뗧쫓ꎬ춨톶샠ꎬ쎽쳥샠뗈릫쮾ꆣ ꎨ5ꎩ 폐탎헋쏦횵놶쫽램 뿉뇈릫쮾막놾쫐횵뿉뇈릫쮾폐탎헋쏦횵놶쫽램=뿉뇈릫쮾폐탎헋쏦횵 ꎨꎩ 폐튻킩탐튵릫쮾뗄쫐횵쫇췪좫좡뻶폚폐탎헋쏦횵뗄ꎬ샽죧랿뗘닺ꎬ틸탐뗈ꆣ헢킩릫쮾쫊뫏폐탎헋쏦횵놶쫽램ꆣ 3.볆쯣릫쮾맀횵 룹뻝쒿뇪릫쮾뗄쳘뗣ꎬ톡폃쫊뫏뗄맀횵랽램뷸탐맀쯣ꆣ떫튪힢틢벸뗣ꎺ (1) 퓚볆쯣뗄맽돌훐ꎬ탨튪뾼싇뺲첬뫍뚯첬뗄쟩뿶ꎬ뿉틔퓋폃솽ퟩ쫽뻝볆쯣ꎬ튻훖쫇릫쮾뷼12룶퓂뗄쫽뻝ꎬ튻훖쫇좫쓪뗄쫽뻝ꆣ (2) 퓚톡폃쫐펯싊놶쫽램뫍폐탎헋쏦놶쫽램쪱ꎬ뗃떽뗄뷡맻탨튪볓짏릫쮾뺻햮컱ꎬ듓뛸뗃돶릫쮾뗄ퟜ볛횵ꆣ (3) 퓚톡좡쫽뻝뗄쪱뫲ꎬ탨튪뺡솿폃ퟮ탂뗄쫽뻝좥볆쯣ꎬ뗃떽뗄뷡맻룼볓ힼ좷ꆣ 킡뷡 짏쏦뷩짜뗄쫇죽훖믹놾뗄맀횵볆쯣뗄랽램ꎬ퓚쪵볊퓋폃뗄맽돌떱훐ꎬ뮹탨튪헫뛔뻟쳥뗄쟩뿶살톡퓱뫏쫊뗄볆쯣랽램ꆣ쿖퓚뗄웳튵뫜뛠뚼쫇뛠풪뮯랢햹ꎬ폐뗄릫쮾훷펪튵컱뗄뷧뚨늢늻쫇쪮럖쟥컺ꎬ퓚볆쯣뗄쪱뫲튪뾼싇떽늻춬뗄튵컱튪톡퓱늻춬뗄볆쯣랽램ꎬ살랴펳늻춬튵컱뗄랢햹잰뺰ꆣ퓚볆쯣룷튵컱뗄볛횵횮뫳ꎬ퓙룹뻝늻춬튵컱뗄뇈훘뿉틔퓋폃볓좨뗄볆쯣랽램살맀쯣ퟜ뗄볛횵ꆣ틔훐맺쪯폍캪샽ꎬ죧쿂뇭쯹쪾ꎺ 뇭2-3훐쪯폍훷펪튵컱릹돉럖컶 쿮쒿쏻돆 펪튵쫕죫 펪튵샻죳 쎫샻싊ꎨ%ꎩ햼훷펪튵컱쫕죫뇈샽ꎨ%ꎩ뾱첽폫짺닺ꎨ탐튵ꎩ 솶폍폫뮯릤ꎨ탐튵ꎩ 쿺쫛ꎨ탐튵ꎩ 쳬좻웸폫맜뗀ꎨ탐튵ꎩ 웤쯻ꎨ탐튵ꎩ 냥뿩볤뗖쿻쫽 뫏볆ꎨ탐튵ꎩ 14
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 훐맺쪯폍쫴폚돉쫬뗄듳릫쮾ꎬ늢쟒뺭펪랶캧맣ꎬ쫕죫컈뚨ꆣ쫊뫏폃EVA쒣탍틔벰쿠뛔맀볛쒣탍ꆣ뾱첽폫짺닺ꎬ솶폍폫뮯릤ꎬ쳬좻웸폫맜뗀쫴폚컈뚨뗄쿮쒿ꎬ돽좥헾훎랽쏦뗄틲쯘ꎬ튻냣살쮵쫜훜웚뗄늨뚯뷏킡ꎬ뿉틔폃EVA쒣탍믲헟EBIT놶쫽램뷸탐볆쯣ꎬ볙짨볆쯣돶살뗄뷡맻럖뇰쫇a,b,cꆣ쿺쫛뗄랽쏦뿉틔닉폃쿺쫛쫕죫놶쫽램맀쯣ꎬ볙짨볆쯣뗄뷡맻쫇dꆣ웤쯻랽쏦햼뗃뇈샽뷏킡ꎬ뿉틔폃EBIT놶쫽램볆쯣ꎬ볙짨볆쯣뗄뷡맻쫇eꆣ 쓇쎴ퟜ뗄볛횵쫇%×a+%×b+%×c+%×d+%×e 떫쫇맀횵뗄뷡맻늻쓜볲떥뗄좥떱ퟶ탂막뗄쫐뎡뚨볛ꎬ퓚좷뚨ퟮ훕뗄뚨볛쪱ꎬ뮹탨튪뾼싇떽뛾벶쫐뎡춶헟뛔막욱볛횵뗄죏뿉ꆣ평폚춶헟ퟔ짭듦퓚튻킩쟩탷뮯뗄탐캪ꎬ쯹틔탂막뗄뚨볛늢늻쓜볲떥뗄폃쒣탍좥볆쯣ꎬ뮹쫇뷡뫏쫐뎡좥뾼싇ꆣ 15
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 3 IPO뚨볛뗄펰쿬틲쯘 컒맺IPO뚨볛뗄쓚늿틲쯘 IPO뚨볛쒣탍붨솢 IPO쫗죕뎬뛮쫕틦쫇횸뛾벶쫐뎡쫗죕쫕엌볛폫랢탐볛횮볤뗄닮뛮ꆣ컒쏇튪쿫횤쏷IPO쫗죕뎬뛮쫕틦폫튻벶쫐뎡컞맘뻍뇘탫횤쏷IPO뚨볛뗄뫏샭탔ꆣ퓚튻벶쫐뎡짏컒쏇훷튪쫇튪럖컶튻벶쫐뎡짏막욱뗄랢탐볛룱쫇럱뫏샭믲헟욫룟ꎬ헢뻍튪붫막욱뗄랢탐볛룱폫웤쓚퓚볛횵뷸탐뛔뇈ꆣ캪쇋룼좫쏦뗄랢펦릫쮾뗄쓚퓚볛횵ꎬ컒쏇뇘탫듓샻죳릹돉ꆢ믱샻쓜솦ꆢ뺭펪쓜솦ꆢ뎥햮쓜솦ꆢ춶쫕틦뗈랽쏦훐룷톡좡튻킩횸뇪살듺뇭릫쮾뗄쓚퓚볛횵ꆣ 춶쫕틦럖컶냼삨쎿막쫕틦ꎬ쫐펯싊ꎬ막샻횧뢶싊ꎬ쎿막뺻닺ꆣ쎿막쫕틦쫇뫢솿짏쫐릫쮾퓚펯샻랽쏦ퟮ훘튪뗄횸뇪ꎬ쯼쓜릻랴펳웕춨막뗄믱샻쮮욽ꆣ 쎿막쫐볛쫐펯싊= ꎨꎩ 쎿막쫕틦쫐펯싊튲쫇랴펳짏쫐릫쮾펯샻쓜솦뗄횸뇪ꎬ랴펳쇋춶헟뛔1풪뺻샻죳풸틢횧뢶뗄볛룱ꆣ튻냣살쮵ꎬ쫐펯싊풽룟ꎬ듺뇭쫐뎡뛔릫쮾캴살풽뾴뫃ꆣ 쎿막막샻막샻횧뢶싊쫇 ꎨꎩ 쎿막쫕틦훷튪펦폃퓚럇짏쫐릫쮾뗄짙쫽막좨ꎬ쯹틔뿉틔늻폨뾼싇 쓪쒩뺻닺쎿막뺻닺쫇 ꎨꎩ 랢탐퓚췢뗄쓪쒩웕춨막막쫽랴펳랢탐퓚췢뗄쎿막웕춨막듺뇭뗄뺻닺돉놾벴헋쏦좨틦ꆣ쎿막뺻닺횻쫇퓚샭싛짏랴펳쇋막욱뗄ퟮ뗍볛횵ꎬ폈웤쫇폃샺쪷돉놾볆솿쪱ꎬ늻쓜랴펳뺻닺뗄뇭쿖쓜솦뫍닺돶쓜솦ꎬ쯹틔늻폨뾼싇ꆣퟛ짏ꎬ퓚춶볛횵랽쏦톡좡쫐펯싊ꎬ쎿막쫕틦솽룶뇤솿ꆣ 퓚뎥햮쓜솦랽쏦ꎬ냼삨닺뢺햮싊ꎬ닺좨뇈싊ꎬ폐탎닺뺻횵햮컱싊ꎬ틑믱샻쾢놶쫽ꆣ 뢺햮ퟜ뛮닺뢺햮싊= ꎨꎩ 닺ퟜ뛮쯼랴펳쇋ퟜ닺훐폐뛠듳돌뛈뗄닺쫇평뢺햮살돯뗄ꎬ뿉틔폃살뫢솿릫쮾퓚쟥16
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 쯣쪱놣뮤햮좨죋샻틦뗄돌뛈ꆣ 뢺햮ퟜ뛮닺좨뇈싊= ꎨꎩ 막뚫좨틦랴펳쇋햮좨죋뗄놾폫막뚫놾뗄쿠뛔맘쾵ꎬ닺좨뇈싊룟ꎬ쓇쎴쫴폚룟놨돪룟럧쿕뗄웳튵ꎬ닺뢺햮싊폫닺좨뇈싊뗄뺭볃틢틥쿠춬ꎬ퓚헢샯컒쏇톡좡닺뢺햮싊ꆣ 뢺햮ퟜ뛮폐탎닺햮컱싊= ꎨꎩ 막뚫좨틦−컞탎닺뺻횵폐탎닺햮컱싊횻쫇닺좨뇈싊뗄삩햹ꎬ쯹틔늻폨뾼싇ꆣ 쮰쾢잰샻죳틑믱샻쾢놶쫽= ꎨꎩ 샻쾢럑폃랴펳뎥뢶뷨뿮샻쾢뗄쓜솦ꆣ퓚뎥햮쓜솦랽쏦컒쏇톡좡닺뢺햮싊ꆣ 퓚펯샻쓜솦랽쏦ꎬ냼삨쿺쫛뺻샻싊ꎬ쿺쫛쎫샻싊ꎬ닺뺻샻싊ꎬ뺻닺쫕틦싊 뺻샻죳쿺쫛뺻샻싊= ꎨꎩ 쿺쫛쫕죫랴펳쎿튻풪뗄쿺쫛쫕죫듸살뛠짙뗄뺻샻죳ꎬ뇭쪾쿺쫛쫕죫뗄쫕틦뗄쟩뿶ꆣ쿺쫛쎫샻싊폫쿺쫛뺻샻싊샠쯆ꆣ 뺻샻죳닺뺻샻싊= ꎨꎩ 욽뻹닺ퟜ뛮룃횸뇪풽룟뇭쏷닺뗄샻폃싊풽룟ꆣ 뺻샻죳뺻닺쫕틦싊= ꎨꎩ 욽뻹닺ퟜ뛮뇭쏷막뚫쯹돖폐좨틦뗄펯샻쓜솦ꎬ뻟폐뫜잿뗄ퟛ뫏탔ꆣ 놾쓪뺻샻죳퓶뎤뛮뺻샻죳퓶뎤싊=ꎨ−1ꎩ×100% ꎨꎩ 짏쓪뺻샻죳쓜릻뫢솿웳튵뗄뺭펪킧틦ꆣ 퓚펪퓋쓜솦랽쏦ꎬ폐듦믵훜싊ꎬ펦쫕헋뿮훜싊ꎬ쇷뚯닺훜싊ꎬퟜ닺훜싊ꆣ짏쫶벸룶횸뇪럖뇰쫇랴펳쇋듦믵뗄훜쯙뛈ꎬ펦쫕헋뿮뗄훜쯙뛈ꎬ쇷뚯닺뗄훜쯙뛈ꎬ틔벰ퟜ닺훜쯙뛈ꆣퟜ뗄살쮵ꎬ쯄훖횸뇪뚼쫇폃살뫢솿릫쮾뗄닺샻폃싊ꎬ믱좡쫕죫뗄쓜솦ꆣ쯹틔컒쏇퓚헢샯톡좡ퟜ닺훜싊튻룶뇤솿벴뿉ꆣ ퟮ뫳톡좡랢탐맦쒣뫍랢탐럑폃ꎬ랢탐맦쒣튲쫇뫢솿릫쮾뗄닺ힴ뿶ꎬ퓚튻뚨돌뛈짏랴펳쇋릫쮾뗄헻쳥쟩뿶ꆣ 뺭맽튻뚨뗄즸톡컒쏇톡좡쇹룶IPO랢탐볛룱뗄펰쿬틲쯘살뷸탐믘맩럖컶ꎬ헢쇹룶펰쿬틲쯘럖뇰쫇쫐펯싊ꆢ쎿막쫕틦ꆢ뺻샻죳퓶뎤싊ꆢ닺뢺햮뇈싊ꆢퟜ닺훜싊ꆢ17
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 랢탐맦쒣ꆣ놾컄붫뛔헢쇹룶펰쿬틲쯘폫IPO랢탐볛룱뗄맘쾵뷸탐볙짨ꎺ 1ꎮIPO랢탐볛룱폫랢탐쫐펯싊헽쿠맘ꆣIPO랢탐쫐펯싊풽룟ꎬIPO뗄랢탐볛룱뻍풽룟ꎻ랴횮ꎬIPO뗄랢탐볛룱풽뗍ꆣ 2. IPO랢탐볛룱폫짏쫐잰쎿막쫕틦헽쿠맘ꆣ튻냣뗄살붲ꎬ짏쫐잰튻쓪뗄쎿막쫕틦랢펦쇋릫쮾틑쪵쿖뗄펯샻쓜솦ꎬ좻뛸막욱뗄뚨볛좡뻶폚릫쮾캴살뗄펯샻쓜솦ꎬ떫쫇릫쮾틑쪵쿖뗄펯샻쓜솦쫇캴살펯샻쓜솦뗄믹뒡ꆣ틲듋ꎬ짏쫐릫쮾뗄쎿막쫕틦풽룟,웤IPO뚨볛튲믡풽룟ꆣ 3ꎮIPO랢탐볛룱폫뺻닺쫕틦싊헽쿠맘ꆣ릫쮾뺻닺뗄쫕틦싊풽룟뇭쪾닺훊솿뫃ꎬ릫쮾캴살뗄랢햹튲뻍믡풽뫃ꎬ쓇쎴IPO뗄랢탐볛룱뻍믡풽룟ꆣ 4ꎮIPO랢탐볛룱폫ퟜ뺻샻죳퓶뎤싊헽쿠맘ꆣ뺻닺퓶뎤싊싊풽룟ꎬIPO뗄랢탐볛룱뻍풽룟ꆣ 5ꎮIPO랢탐볛룱폫닺뢺햮뇈싊뢺쿠맘ꆣ닺뢺햮뇈싊뇭쪾릫쮾뗄놾뷡릹ꎬ튻룶릫쮾뗄닺뢺햮뇈싊풽룟ꎬ뺭펪쯹듸살뗄럧쿕뻍풽듳ꎬ쓇쎴IPO뗄랢탐볛룱뻍풽뗍ꆣ 6ꎮIPO랢탐볛룱폫랢탐맦쒣뢺쿠맘ꆣIPO뗄랢탐맦쒣풽듳ꎬIPO뗄랢탐볛룱풽뗍ꆣ 춨맽틔짏볙짨붨솢쒣탍죧쿂ꎺ Y=β+βX+βX+βX +βX +βX+βX +βX+ξ f011223344556677Yꎺ뇭쪾IPO뗄랢탐볛룱 fβꎺ뇭쪾뎣쫽쿮 0βꎺ뇭쪾룷룶ퟔ뇤솿뗄쾵쫽 iξꎺ 뇭쪾럾듓뇪ힼ헽첫럖늼뗄닐닮쿮 Xꎺ뇭쪾탂막랢탐쫐펯싊 1Xꎺ뇭쪾탂막짏쫐잰쎿막쫕틦ꎬ쫽뻝톡좡짏쫐잰튻벾뛈뗄쎿막쫕틦 2Xꎺ뇭쪾뺻닺쫕틦싊 3Xꎺ뇭쪾뺻샻죳퓶뎤싊 4Xꎺ뇭쪾뺻닺뢺햮싊 5Xꎺ뇭쪾랢탐맦쒣 쫽뻝뗄톡퓱폫쒣탍볬퇩 놾컄붫닉폃09쓪틔살랢탐뗄203횧막욱뗄튻킩쫽뻝뷸탐럖컶ꎬ헢킩막욱뗄쳘뗣뻍쫇퓚춬튻랢탐훆뛈쿂랢탐ꆣ뛸쟒헢203횧막욱뗄랢탐랽쪽튲쿠춬ꎬ뚼쫇췸짏뚨볛랢탐뫍췸쿂엤쫛랢탐ꆣ평폚쎿횧막욱뗄랢탐쯹닉폃뗄랽쪽뚼튻퇹ꎬ틲듋컒쏇쳞돽랢탐랽쪽닮틬헢룶펰쿬틲쯘ꆣ평폚뚼쫇퓚톯볛훆쿂랢탐뗄막욱ꎬ틲듋컒쏇튲뿉틔춬쪱쳞돽랢18
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 탐훆뛈헢룶틲쯘ꆣ붫09쓪짏쫐랢탐뗄203횧탂막뗄폐맘횸뇪쫽뻝쫤죫Eviews뷸탐뛠풪믘맩럖컶뗃떽뷡맻ꎨ죧뇭3-1쯹쪾ꎩꆣ 뇭3-9 믘맩럖컶뷡맻 ퟔ뇤솿 Coefficient Std. Error t-Statistic 랢탐맦쒣 -06 -06 닺뢺햮뇈싊 뺻샻죳퓶뎤싊 -06 뺻닺쫕틦싊 쎿막쫕틦 랢탐쫐펯싊 뎣쫽 Adjusted R-squared Durbin-Watson stat 쫽뻝살풴ꎺ뻞쇩뷰죚욽첨짏뗄탂막폐맘쫽뻝 듓룷쿠맘쾵쫽살뾴ꎬβ=>0ꎻβ=>0ꎻβ=>0ꎻ 123β=-06>0ꎻβ=<0ꎻβ=-06<0ꎬ헢킩뇤솿폫잰쏦뗄볙짨뚼쿠럻ꎬ567늢듳늿럖틲쯘뻟폐솼뫃뗄쿔훸탔ꆣ캨튻폫볙짨쿠랴뗄틲쯘쫇뺻닺쫕틦싊ꎬ웤풭틲쫇IPO랢탐볛룱늻뷶튪뾴릫쮾뗄닺뗄훊솿ꎬ뮹튪뾴릫쮾닺뗄훊솿뇤뮯ꆣ퓚듦퓚뷏룟뗄뺻닺쫕틦싊뗄춬쪱ꎬ뿉쓜뺻닺쫕틦싊뗄쓪뇤뮯쫇퓚복짙뗄ꎬ틲듋뻍돶쿖쇋IPO랢탐볛폫뺻닺쫕틦싊뗄뢺쿠맘ꆣ 2 뗚튻ꎬ랽돌뗄쓢뫏폅뛈볬퇩ꆣ튻냣R살쪵쿖뛔쒣탍쓢뫏폅뛈뗄볬퇩ꎬ듓틔짏쒣탍2뗄믘맩뷡맻훐컒쏇뿉틔뗃돶R=ꎬ쮵쏷믘맩랽돌뗄쓢뫏폅뛈뫜뫃ꎬIPO랢탐볛룱폫릫쮾쓚퓚볛횵뗄횸뇪룟뛈쿠맘ꆣ 뗚뛾ꎬ랽돌뗄쿔훸탔볬퇩ꆣ컒쏇닉폃F볬퇩ꎬ퓚5%뗄쿔훸탔쮮욽쿂ꎬF (7,111)=,뛸컒쏇횪뗀F=>= F,평듋컒쏇뿉틔쮵쏷랽돌룟뛈쿔훸ꆣ 뗚죽ꎬ쾵쫽뗄쿔훸탔볬퇩ꆣ컒쏇횪뗀죧맻ퟔ뇤솿뛔펦뗄t춳볆횵뗄뻸뛔횵듳폚2ꎬ쓇쎴컒쏇뿉틔쮵헢룶뷢쫍뇤솿쫇쿔훸뗄ꆣ룹뻝쒣탍믘맩뷡맻컒쏇뿉틔뾴떽듳늿럖뗄t춳볆횵뗄뻸뛔횵쫇듳폚2뗄ꎬ쓇쎴컒쏇뿉틔쮵쒣탍뗄듳늿럖뷢쫍뇤솿쫇쿔훸뗄ꆣ벴랢탐쫐펯싊ꎬ쎿막뺻닺ꎬ쎿막쫕틦ꎬ닺뢺햮뇈싊뗈뷢쫍뇤솿쫇쿔훸뗄ꎬ잰죽룶뷢쫍19
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뇤솿폫IPO랢탐볛헽쿠맘ꎬퟮ뫳튻룶뷢쫍뇤솿폫IPO랢탐볛뢺쿠맘ꆣ ퟛ짏쯹쫶볬퇩뷡맻ꎬ쮵쏷룃쒣탍뻟폐춳볆틢틥ꆣ 룹뻝틔짏솼뫃뗄볬퇩뷡맻ꎬ컒쏇뿉틔뗃돶IPO랢탐볛룱폫릫쮾쓚퓚볛횵뗄횸뇪룟뛈쿠맘ꆣIPO뗄랢탐볛룱쓜퓚튻뚨돌뛈짏랴펦릫쮾뗄쓚퓚볛횵ꎬ떫춬쪱룹뻝짏컄훐샭싛럖컶믺릹춶헟횮볤뗄늩?쪹뗃IPO랢탐볛뫍릫쮾뗄쓚퓚볛횵듦퓚튻뚨뗄욫닮ꆣ 컒맺IPO뚨볛뗄췢늿틲쯘 쓚늿틲쯘뻶뚨IPO뚨볛뗄믹뒡ꎬ떫ퟮ훕뗄볛룱뮹탨튪뾼싇떽췢늿틲쯘뗄펰쿬ꎬIPO뗄췢늿틲쯘럖캪헾닟탔뗄췢늿틲쯘뫍럇헾닟탔뗄췢늿틲쯘ꆣ 헾닟탔뗄췢늿틲쯘 ꎨ1ꎩ샻싊뗷헻 떱샻싊쿂뗷쪱ꎬ믡폐룼뛠뗄뷰펿죫막쫐훐살ꎬ듸뚯막욱볛룱뗄짏헇ꆣ늻뷶쇷죫뛾벶쫐뎡ꎬ튲냼삨튻벶쫐뎡ꆣ떱뷸죫뗄놾쫽솿듳폚탂막짏쫐쯹폐죚뗄쫽솿쪱ꎬ뻍믡닺짺IPO뚨볛뗄쳡룟ꆣ랴횮ꎬ떱샻싊짏뗷쪱ꎬ듳솿뷰뻍믡듓막욱쫐뎡죫틸탐ꎬ헢쪱막욱쫐뎡뗄볛룱뻍믡쿂붵ꎬ춬샭ꎬIPO뚨볛튲믡쿠펦붵뗍ꆣ ꎨ2ꎩ쮰쫕헾닟 쪵횤퇐뺿뇭쏷ꎬ죧맻쒳훖짌욷뗄쮰싊쳡룟ꎬ쓇쎴듋짌욷뗄샻죳싊믡쿂붵ꎬ룃탐튵믡쫜떽튻뚨돌뛈뗄틖훆ꆣ쓇쎴뷰뻍믡듓헢룶탐튵쇷쿲샻죳싊룼룟뗄탐튵ꆣ틲듋ꎬ뛔폚룃탐튵짏쫐뗄탂막ꎬ뷰쇷쿲튻벶쫐뎡믡쿠펦뗄복짙ꆣIPO뚨볛뻍믡닺짺튻뚨뗄쿂붵ꆣ랴횮떱쮰싊쿂붵쪱ꎬIPO뚨볛짏짽ꆣ ꎨ3ꎩ램싉램맦 떱튻룶맺볒펵폐붡좫뗄램싉훆뛈쪱ꎬ뷸죫헢룶쫐뎡쏦쇙뗄럇쾵춳탔뗄럧쿕뷏킡ꆣ듳솿뷰믡쇷죫헢룶맺볒뗄놾쫐뎡ꎬ췆뚯막쫐뗄짏헇ꎬ틽웰IPO뚨볛뗄짏짽ꆣ뛔폚떥쿮램싉살쮵ꎬ샽죧훐퇫돶첨듫쪩듲톹킡뗄룖쳺뎧ꎬ쓇쎴쫐뎡믡튻훂죏캪듳뗄룖쳺벯췅붫펵폐룼듳뗄쫐뎡럝뛮ꎬ듓뛸헢킩막욱믡짏헇ꎬ춬퇹죧맻듳탍뗄룖쳺벯췅짏쫐ꎬIPO뚨볛튲믡뇈틔췹튪룟ꆣ ꎨ4ꎩ뺭볃훜웚 막욱쫐뎡뗄퓋탐뫍뫪맛뺭볃퓋탐폐ퟅ뫜뛠뗄쿠쯆탔ꎬ튻냣살쮵뚼믡뺭샺쮥췋---쿴쳵---뢴쯕---랱죙---퓙듎쿴쳵뗄톭뮷떱훐ꆣ막쫐뺭뎣쏦쇙ퟅ얣태쫐횮볤뗄뮻ꆣ췹췹퓚얣쫐뗄쪱뫲쫐뎡뗄죈쟩룟헇ꎬ뛔폚IPO뚨볛살쮵튲믡뇈태쫐훐튪룟돶튻킩ꆣ 20
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 럇헾닟탔틲쯘 ꎨ1ꎩ햽헹 퓚햽헹뗄쟩뿶쿂ꎬ맺럀ꎬ뻼릤룅쓮뗄웳튵믡닺짺듳솿뗄샻죳ꎬ쿠맘뗄막욱튲믡짏헇ꆣ틲듋뷰믡펿죫쿠맘뗄막욱샯ꎬ튻벶쫐뎡짏쿠맘막욱뗄뚨볛튲믡짏뢡ꆣ듓뎤풶살뾴ꎬ햽헹믡틽웰짧믡뗄늻컈뚨ꎬ틔벰뺭볃뗄쮥췋ꆣ뷰뻍믡쇷죫쿠뛔낲좫뗄뗘랽ꎬ틽웰막욱볛룱듳뗸ꎬIPO뚨볛튲믡쫜떽펰쿬뛸쿂붵ꆣ ꎨ2ꎩퟔ좻틲쯘 믰퓖ꎬ뗘헰믡틽웰쫜퓖웳튵뗄IPO뚨볛쿂뗷ꎬ놣쿕릫쮾튲믡평폚샭엢쫽솿뗄퓶뛠떼훂샻죳뗄쿂붵ꎬ쯹틔쿠맘뗄쫜퓖웳튵뫍놣쿕탐튵뗄막욱뚨볛뚼믡쿂뗷ꆣ퓚쿄쳬ꎬ평폚쳬웸퇗죈ꎬ뇹쿤뿕뗷뗈볒뗧뗄쿺솿믡듳퓶ꎬ샻죳뗄퓶볓튲믡쪹막욱볛룱짏헇ꎬIPO뚨볛짏짽ꆣ퓚뚬쳬폐좼웸룅쓮뗄막욱IPO뚨볛믡짏짽ꆣ ퟜ뛸퇔횮ꎬ뛔폚헾닟탔틲쯘뫍럇헾닟탔뗄틲쯘펰쿬ꎬ훕뺿웤뻶뚨ퟷ폃뗄뮹쫇웳튵뗄샻죳쫇럱쳡룟ꎬ쓜럱틽웰뷰뗄맘힢ꎬ뷸뛸펰쿬떽IPO퓚튻벶쫐뎡뗄뚨볛ꆣ IPO뚨볛맽돌샻틦쿠맘헟탐캪 IPO뚨볛뗄맽돌훐ꎬ짦벰돐쿺짌ꎬ짏쫐릫쮾틔벰춶헟죽랽뗄샻틦맘쾵ꆣ퓚IPO믹뒡볛룱횮짏ꎬ죽헟룹뻝췢늿ퟷ폃뗄쿠뮥틲쯘ꎬ뮥쿠펰쿬탎돉IPO쫐뎡뗄뻹뫢볛룱ꆣ룷룶샻틦훷쳥룹뻝ퟔ짭뗄틲쯘뷸탐늩?ꎬ듓룷ퟔ쫕틦ퟮ듳뮯뗄뷇뛈돶랢ꎬퟮ훕퓚룷ퟔ펰쿬늢쟒췗킭뗄쟩뿶쿂뗃떽쫐뎡뗄뻹뫢볛룱ꆣ 톯볛훆뚨볛뗄맽돌훷튪평틔쿂죽룶뮷뷚ퟩ돉ꎬ쫗쿈쫇평짏쫐릫쮾폫돐쿺짌쳡릩쓢짏쫐릫쮾뗄뺭펪ힴ뿶ꎬ닆컱쓜솦뗈룷쿮횸뇪쿲믺릹춶헟뷸탐톯볛ꎬ좻뫳룹뻝뛔믺릹춶헟뗄톯볛뷡맻좷뚨막욱뗄뚨볛쟸볤ꎻ웤듎쫇쿲좫늿톯볛뗄믺릹춶헟뷸탐샛볆춶뇪톯볛ꎬ좷뚨막욱뗄랢탐볛룱ꎬ늢룹뻝닎폫샛볆춶뇪톯볛뗄믺릹춶헟춶뇪뗄볛룱뫍쫽솿붫막욱엤쫛룸톯볛뛔쿳ꎻ퓙듎쫇룹뻝믺릹춶헟샛볆춶뇪톯볛ퟮ뫳좷죏뗄막욱볛룱쟸볤좷뚨ퟮ뫳뗄막욱볛룱ꎬ튻냣쫇믺릹샛볆톯볛뗄ퟮ룟볛룱ꎬ퓙틔헢룶좷뚨뗄볛룱쿲짧믡릫훚뷸탐엤쫛ꆣ 룹뻝틔짏톯볛훆뗄뚨볛맽돌컒쏇횪뗀ꎬ퓚톯볛훆쿂ꎬ막욱뗄ퟮ훕뚨볛쫇짏쫐릫쮾ꆢ돐쿺짌틔벰믺릹춶헟죽랽쿠뮥쳖볛뮹볛뗄뷡맻ꎬ틲듋컒쏇뿉틔듓짏쫐릫쮾ꆢ돐쿺짌틔벰믺릹춶헟뗄탐캪돶랢살럖컶IPO뗄튻벶쫐뎡뚨볛쫇럱뫏샭ꆣ 21
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 믺릹춶헟뗄뚨볛탐캪 믺릹춶헟쾣췻쓜틔뷏뗍뗄볛룱틔듋믱뗃ퟮ듳뗄샻틦ꎬ떫쫇놨볛맽뗍폐뿉쓜쓃떽뫜짙뗄막욱믲헟쮵췪좫쓃늻떽엤쫛뗄뛮뛈ꆣ퓚톯볛훆뛈룕쪵쪩뗄쪱뫲ꎬ뫜뛠믺릹평폚놨볛맽뗍뛸쓃늻떽쿠펦뗄막욱엤쫛ꆣ쯹틔퓚뺭샺쇋튻뛎쫊펦웚횮뫳ꎬ탭뛠짏쫐릫쮾뇣놨돶뇈릫쮾쓚퓚볛횵룼룟뗄볛룱ꎬ헢튲믡떼훂IPO뚨볛믡욫샫뫏샭뗄볛룱ꆣ평폚탂막뗄릩늻펦쟳ꎬ쯹틔퓚톯볛훆뛈쿂ꎬ믺릹춶헟믡럅웺폫돐쿺짌횮볤뷸탐듨짌뗄좨샻ꆣ볛룟헟폅쿈ꎬ춬뇈샽엤쫛뗄풭퓲믡쟽쪹믺릹춶헟틔볛룱쟸볤뗄ퟮ짏쿞ퟷ캪놨볛ꆣ탂막짏쫐뗄컞럧쿕룟놨돪뗄폕믳쪹뗃믺릹춶헟횮볤뗄뺺헹뫜벤쇒ꎬ횻폐냫쫽ퟳ폒뗄믺릹춶헟쓜쟀떽엤쫛뛮뛈ꆣ쯹틔돐쿺짌뇣쓜틽떼믺릹춶헟뷓쫜뷏룟뗄놨볛ꆣ 짏쫐릫쮾뗄뚨볛탐캪 릫쮾짏쮾뗄쒿뗄쫇캪쇋죚ꎬ삩듳짺닺ꎬ쳡짽ퟔ짭웳튵뗄횪쏻뛈늢쟒볓잿탐튵뗄뺺헹솦ꆣ쯹틔뛔폚짏쫐릫쮾살쮵ꎬퟮ듳뗄샻틦뻍쫇퓚놾쫐뎡쓃떽ퟮ뛠뗄뷰ꎬ쓇쎴짏쫐릫쮾뻍쟣쿲폚룟볛랢탐ꆣ뷏룟뗄랢탐볛믡쪹랢탐잰뫳릫쮾뗄뺻닺닺짺튻룶뷏듳뗄닮뛮ꎬ헢룶닮뛮튲쫇릫쮾풭쪼막뚫뗄샻틦쯹퓚ꆣ춬퇹ꎬ탂막뗄릩늻펦쟳믡쟽쪹짏쫐릫쮾늻뾼싇랢탍쪧냜뗄럧쿕ꎬ늢쟒뷓쫜믺릹춶헟뗄룟놨볛ꆣ짵훁폐뗄릫쮾퓚믡볆쫂컱쯹뫍돐쿺짌뗄냯ퟩ쿂뷸탐튻킩탩볙뗄탐캪ꆣ 돐쿺짌뗄뚨볛탐캪 돐쿺짌쾣췻쓜뷸탐돉릦뗄IPOꎬ헢퇹뇣쓜쓃떽뫜듳뗄쫽쒿뗄돐쿺럑폃ꎬ떫랢탐쪧냜튲믡떼훂돐쿺짌뗄쯰쪧뫜듳ꎬ늢쟒폐쯰ퟔ짭뗄짹폾ꆣ춶틸탐뗄쫕틦튻랽쏦살ퟔ폚돐쿺럑ꎬ맜샭럑뫍쿺쫛헛죃ꎬ뛾쫇살ퟔ막욱짏쫐뫳쯹쫕좡뗄펶뷰ꆣퟔ짭쪵솦잿듳뗄춶틸탐쓜릻헹좡떽룼뛠뗄짏쫐풴ꎬ뛸킡뗄춶탐좴뫜쓑쓃떽IPO쿮쒿ꎬ쯹틔폐뗄춶틸탐뇣믡냯훺튻킩쎻폐짏쫐룱뗄웳튵ꎬ뷸탐닆컱랽쏦뗄냼ힰ뛸짏쫐ꎬ죅싒쫐뎡뗄퓋탐ꆣ 듓돐쿺짌뗄쫕틦뫍럧쿕살뾴ꎬ돐쿺짌튻랽쏦쾣췻쓜틔뷏룟뗄볛룱살랢탐ꎬ틔믱좡뷏룟뗄돐쿺럑폃ꎬ쇭췢폖떣탄뚨볛맽룟뛸떼훂랢탐쪧냜ꆣ떫뛔폚컒맺탂막뗄릩늻펦쟳ꎬ돐쿺짌늻탨튪뾼싇떽럧쿕뗄컊쳢ꎬ룹뻝짏쫶믺릹춶헟뫍짏쫐릫쮾뗄럖컶ꎬ뷏룟뗄랢탐볛쫇믺릹춶헟쓜돐쫜뗄ꆣ쯹틔돐쿺짌뇣횻뾼싇ퟔ짭뗄샻틦뫍랢탐죋뗄샻틦ꎬ뫶쫓춶헟ꎬ쳘뇰쫇훐킡춶헟뗄샻틦ꆣ 22
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 죽랽횮볤뗄늩?뿉틔뾴돶IPO퓚튻벶쫐뎡뗄뚨볛믡욫룟ꆣ듓쪵볊쟩뿶살뾴ꎬ뛾벶쫐뎡뗄탂막뗄탂막뿱죈쮵쏷쇋탂막뗄릩늻펦쟳ꎬ쯦ퟅ뷼웚훐맺훐튱ꎬ헐짌횤좯ꎬ훐맺훘릤뗄웆랢뗄쿖쿳ꎬ쓜뾴돶IPO뚨볛늢늻쿱틔췹쓇퇹쫇뚨볛맽뗍뗄ꎬ뛸쫇뚨볛욫룟ꎬ욫샫쇋쪵볊뗄헽뎣볛룱쟸볤ꆣ횻폐럅뾪횤좯랽쏦뗄맜훆ꎬ죃탨튪짏쫐늢쟒뻟놸짏쫐룱뗄웳튵뚼쓜짏쫐죚ꎬ쓇쎴튻랽쏦뿉틔볓뿬컒맺뗄쫐뎡뮯뗄뷸돌ꎬ쇭튻랽쏦튲쓜뷢뻶탂막뗄늻샭탔뎴ퟷꆣ 23
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 4 맺쓚IPO뚨볛뗄훆뛈틲쯘 IPO쫗죕뎬뛮놨돪싊듦퓚폚쎿튻룶맺볒ꎬ늢쟒뎤웚듦퓚ꎬ헢튻횱쫇놾쫐뎡쓑틔쿻돽뗄튻룶틬뎣뗄쿖쿳ꆣ룷룶맺볒뗄틖볛돌뛈폐쯹늻춬ꎬ튻냣랢듯맺볒놾쫐뎡뗄틖볛돌뛈퓚20%틔쿂ꎬ뇈죧쏀맺(풼캪15%)ꎬ램맺뫍볓쓃듳ꎨ풼캪10%ꎩꎬ뛸랢햹훐맺볒뗄틖볛돌뛈튻냣튪풶룟폚랢듯맺볒놾쫐뎡ꎬ뇈죧십살컷퇇ꎨ풼캪80%ꎩꎬ뛸컒맺듓1991쓪떽09쓪IPO훘웴횮잰ꎬ틖볛돌뛈풶룟폚랢듯맺볒ꎬퟜ쳥살쮵뎬맽100%. 퓚IPO랢탐뗄맽돌훐ꎬ돐쿺짌탨튪뛔릫쮾뷸탐뚨볛뫍맀횵ꎬ늢쟒탨튪뺡솦뗄놣횤탂막랢탐짏쫐뫳늻랢짺듳뗄늨뚯ꎬ놣횤IPO랢탐뗄컈뚨탔ꆣIPO탂막뚨볛맽돌럖캪솽늿럖ꎬ튻쫇탨튪퓋폃뫏샭뗄맀횵쒣탍살맀볆짏쫐릫쮾뗄샭싛볛횵ꎬ뛾쫇춨맽톡퓱뫏쫊뗄랢탐랽쪽살쳥쿖쫐뎡뗄릩쟳ꎬ늢ퟮ훕좷뚨볛룱ꆣ 횤좯탐튵랢햹떽뷱쳬ꎬ늻맜쫇랢듯맺볒놾쫐뎡ꎬ뮹쫇랢햹훐맺볒놾쫐뎡ꎬ퓚IPO랢탐랽쏦뚼퓚늻뛏뗘룄짆ꆣ떫퓚IPO뚨볛쳥훆뫍뚨볛랽쪽짏룷맺뮹쫇듦퓚튻뚨뗄닮틬ꆣ IPO랢탐쳥훆뗄뇈뷏럖컶 떽쿖퓚캪횹ꎬ막욱랢탐뗄훆뛈폐죽훖ꎬ짳엺훆ꎬ뫋ힼ훆뫍힢닡훆ꆣ쎿튻훖랢탐볠맜훆뛈뚼쯦ퟅ쫐뎡뗄랢햹뛸룄뇤ꆣ퓚쫐뎡훰붥컈뚨뫍췪짆뗄맽돌훐ꎬ막욱랢탐훆뛈튲믡쯦횮쿠펦뗄룄뇤ꎬ틔쫊펦쫐뎡랢햹탨쟳ꎬ웤훐짳엺훆쫇췪좫볆뮮랢탐뗄쒣쪽ꎬ뫋ힼ훆쫇듓짳엺훆쿲힢닡훆맽뛉뗄훐볤탎쪽ꎬ힢닡훆퓲쫇쒿잰돉쫬막욱쫐뎡웕뇩닉폃뗄랢탐훆뛈ꆣ IPO랢탐훆뛈 짳엺훆쫇튻맺퓚막욱쫐뎡뗄랢햹돵웚ꎬ캪쇋캬뮤짏쫐릫쮾뗄컈뚨뫍욽뫢뢴퓓뗄짧믡뺭볃맘쾵ꎬ닉폃탐헾뫍볆뮮뗄냬램럖엤막욱랢탐뗄횸뇪뫍뛮뛈ꎬ평뗘랽헾뢮믲탐튵훷맜늿쏅룹뻝횸뇪췆볶웳튵랢탐막욱뗄튻훖랢탐훆뛈ꆣ릫쮾랢탐막욱뗄쫗튪쳵볾쫇좡뗃횸뇪뫍뛮뛈ꎬ튲뻍쫇쮵ꎬ죧맻좡뗃쇋헾뢮룸폨뗄횸뇪뫍뛮뛈ꎬ뻍뗈폚좡뗃쇋헾뢮뗄놣볶ꎬ막욱랢탐뷶뷶쫇ퟟ룶맽뎡ꆡ틲듋ꎬ짳엺훆쿂릫쮾랢탐막욱뗄뺺헹붹뗣훷튪쫇헹24
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뛡막욱랢탐횸뇪뫍뛮뛈ꆣ횤좯볠맜늿쏅욾뷨탐헾좨솦탐쪹쪵훊탔짳엺횰쓜ꎬ횤좯훐뷩믺릹뗄훷튪횰쓜쫇뷸탐벼쫵횸떼ꎬ헢퇹컞램놣횤랢탐릫쮾늻춨맽탩볙냼ힰ짵훁캱ힰꆢퟶ볙헋듯뇪뗈랽쪽듯떽랢탐막욱뗄쒿뗄ꆣ 횤좯랢탐뫋ힼ훆쫇횸랢탐죋랢탐횤좯ꎬ늻뷶튪릫뾪좫늿뗄ꎬ뿉틔릩춶죋에뛏뗄닄쇏ꎬ뮹튪럻뫏횤좯랢탐뗄쪵훊탔쳵볾ꎬ횤좯훷맜믺맘폐좨틀헕릫쮾램ꆢ횤좯붻틗램뗄맦뚨ꎬ뛔랢탐죋쳡돶뗄짪쟫틔벰폐맘닄쇏ꎬ뷸탐쪵훊탔짳닩ꎬ랢탐죋뗃떽엺ힼ틔뫳ꎬ닅뿉틔랢탐횤좯ꆣ 뫋ힼ훆폐샻폚탂탋쫐뎡뗄붡뾵랢햹ꎬ쫊뫏폫횤좯쫐뎡늻췪짆ꆢ춶럾컱믺릹뗄뗀뗂쮮ힼꆢ튵컱쮮욽늻룟ꆢ춶죋좱랦뺭퇩폫튵컱쮮욽ꆢ좱짙뛔탅쾢에뛏뗄쓜솦뗄뗘쟸ꆣ헢킩뗘쟸뗄럧쿕쫇뇈뷏듳뗄ꆣ 횤좯랢탐힢닡훆폖뷐ꆰ짪놨훆ꆱ믲ꆰ탎쪽짳닩훆ꆱꎬ쫇횸헾뢮뛔랢탐죋랢탐횤좯ꎬ쫂쿈늻ퟷ쪵훊탔짳닩ꎬ뷶뛔짪쟫컄볾뷸탐탎쪽짳닩ꎬ랢탐헟퓚짪놨짪쟫컄볾틔뫳뗄튻뚨쪱웚틔쓚ꎬ죴쎻폐놻헾뢮럱뚨ꎬ벴뿉틔랢탐횤좯ꆣ랢탐힢닡훆캪춶헟쳡릩쇋튻룶춸쏷뫍릫욽뺺헹뗄뎡쯹ꎬ쯼ퟷ캪튻훖램싉훆뛈ꎬ쯼뇭쿖돶쇋쫐뎡뗄ퟔ평뺺헹탔ꎬ춶헟뗄ퟔ훷탔뫍헾뢮맜훆뗄맦랶탔ꎬ헢훖막욱랢탐훆뛈뛔랢탐죋ꆢ횤좯훐뷩믺릹뫍춶헟뗄튪쟳뚼뇈뷏룟ꆣ힢닡훆쫊폃폚놾쫐뎡랢햹췪짆ꎬ틑뺭늽죫돉쫬뗄횤좯쫐뎡ꎬ쯹틔랢듯맺볒뗄놾쫐뎡ꎬ뇈죧쏀맺ꎬ쿣룛뗈맺볒틑맣랺닉폃ꆣ 죽훖랢탐쳥훆뗄뇈뷏 뫋ힼ훆뛔폚탐헾짳엺훆뛈살쮵쫇튻룶뷸늽ꎬ떫쫇듓쿖쪵쟩뿶살뾴ꎬ죔좻듦퓚ퟅ뫜뛠컊쳢ꎨ1ꎩ랢탐짳뫋훆뛈랽쏦뗄램싉뮹듦퓚튻뚨뗄컊쳢ꎬ쒿잰퓚뫋ힼ훆쿂ꎬ훷튪틀뻝뗄램싉쫇릫쮾램뫍횤좯램ꎬ떫쫇뷶뾿헢킩뮹쫇늻릻뗄ꎬ쿠맘뗄췪헻뗄램싉램맦뗄쳥쾵뮹탨튪붨솢웰살ꆣꎨ2ꎩ짳뫋훆뛈쿂뗄춨뗀훆틽웰뗄탂컊쳢ꎬ춨뗀훆뛈쿂탂막뗄릩늻펦쟳뗄쿖쿳죔좻뫜퇏훘ꎬ믱뗃짏쫐뗄웳튵쓜릻퓚쫐뎡짏죚죫뫜뛠뗄뷰ꎬ뛸쎻폐짏쫐쳵볾뗄웳튵믡볓듳릥맘뗄솦뛈ꎬ헢퇹퓬돉쇋듳솿뗄뢯냜쿖쿳ꆣ평횤볠믡살맜샭춨뗀뛮뛈ꎬ헢퇹뗄맜훆폐낭폚쫐뎡뮯뗄퓋탐ꆣꎨ3ꎩ놣볶죋훆뛈쿂튲듦퓚튻킩컊쳢ꎬ놣볶죋듺뇭뗄룱믱뗃늻뫏샭ꎬ놣볶죋뾼쫔뗄춨맽싊튻냣퓚5%ퟳ폒ꎬ헢퇹놣볶죋쫽솿뫜짙ꎬ쯹틔횤볠믡쫇춨맽뿘훆놣볶죋뗄쫽솿살뿘훆막욱랢탐뗄쫽솿ꎬ쓇쎴듓놾훊살쮵뮹쫇쎻폐룄뇤릩탨늻욽뫢뗄맘쾵ꆣ놣볶죋뗄쫽솿짙퓬돉놣볶죋돉캪튻훖쳘좨뷗닣ꎬ튻냣살쮵놣볶죋25
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뗄쓪킽뚼퓚냙췲틔짏ꎬ듳솿뗄횤좯릫쮾캪쇋쇴힡놣볶죋뇘뚨믡쳡룟킽쮮ꎬ횤좯릫쮾뗄퓋펪돉놾믡볓듳ꆣ횸떼뫍볠뚽짏쫐릫쮾엻슶탅쾢뗄쫇놣볶믺릹ꎬ뛸쒿잰뗄놣볶죋뗄훆뛈쿂ꎬ맽럖뗄잿뗷쇋놣볶죋뗄좨샻ꎬ쪹놣볶죋뒦폚훷떼뗘캻ꎬ컞램잿뗷놣볶죋뗄틥컱ꆣ쯹틔뫜뛠춶탐뗄릤ퟷ죋풱늻풸틢좥뷓쿮쒿ꎬ뛸쫇튻탄튪춨맽뾼쫔ꎬ퓬돉춶탐뒴탂쓜솦뫍튵컱쓜솦뗄붵뗍ꆣ헢퇹튻룶쿖쿳늻샻폚춶탐뗄랢햹ꆣ 힢닡훆쿠뇈짳엺훆살쮵ꎬ랴펳쇋쫐뎡뺭볃뗄ퟔ훷탔ꎬ쫐뎡훷쳥뗄훷맛쓜뚯탔틔벰헾뢮맜샭뗄맦랶탔뫍킧싊탔ꆣ힢닡훆훷튪듦퓚폚랢듯놾쫐뎡훐ꎬ탨튪춶헟폐뷏룟뗄횤좯춶뗄쓜솦틔벰럧쿕틢쪶ꆣ폐쓜솦에뛏늻춬횤좯뗄춶볛횵뫍럧쿕ꆣ뫋ힼ훆쿂짏쫐뗄웳튵뚼쫇뺭맽헾뢮짳뫋맽뗄ꎬ쯹틔춶헟튻냣믡죏캪헢킩짏쫐릫쮾퓚뺭펪튵벨뫍춶볛횵랽쏦횵뗃뿏뚨ꆣ헢퇹퓚춶믮뚯훐춶헟뻍믡뛔헾뢮뗄뫋ힼ닺짺틀삵ꎬ늻샻폚춶헟뗄돉뎤폫놾쫐뎡쫐뎡뮯뗄뷸돌ꆣ떫쫇퓚컒맺놾쫐뎡짐늻췪짆뗄쟩뿶쿂ꎬ뫋ힼ훆쿂낲좫탔튪듳폚힢닡훆ꆣ퓚힢닡훆쿂ꎬ랢탐킧싊뫍릫헽탔랽쏦힢닡훆튪잿폚뫋ힼ훆ꆣ 쿖퓚탭뛠닉폃뫋ힼ훆뗄맺볒ꎬ쒿잰늻뛏뗄볓잿탅쾢엻슶ꎬ쳘뇰쫇헐막쮵쏷쫩뗄쓚죝ꆣ폐뗄맺볒뗄튪쟳틑뺭폫힢닡훆뗄튪쟳쿠뷼ꆣ춨맽늻뛏췪짆탅쾢뗄릫뾪훆뛈ꎬ폐샻폚헾뢮복쟡ퟔ짭뗄맜샭톹솦ꎬ튲폐샻폚춶헟ퟔ짭뗄돉뎤ꆣ쯹틔컒맺캴살뗄랽쿲쫇훰늽쿲힢닡훆뇤ꆣ 컒맺쒿잰톯볛훆뛈뗄쿖ힴ 탂막뚨볛훆뛈뗄뇤룯 IPO뚨볛믺훆쫇횸폐룱릫뾪랢탐막욱뗄릫쮾퓚짏쫐잰폐맘웤막욱볛룱뗄좷뚨랽쪽뗄훆뛈낲업ꆣ듓컒맺뗄막욱쫐뎡붨솢튻횱떽쿖퓚ꎬ컒맺헾뢮캪쇋쫇막욱뗄랢탐볛룱룼쓜쳥쿖릫쮾막욱뗄퓚볛횵ꎬ춬쪱튲쫇캪쇋뷢뻶컒맺뗄IPO룟틖볛뗈컊쳢ꎬ뛔탂막뚨볛훆뛈뷸탐쇋뛠듎뗄룄룯ꆣ컒맺뗄탂막뚨볛훆뛈뗄뇤룯튻릲뺭샺쇋5룶뷗뛎ꎬ죧쿂뇭2-1ꎺ 26
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뇭4-1 탂막뚨볛훆뛈뇭룱 탂막랢탐뗄볛룱ꆢ쫽솿틔벰쫐펯싊뚼평횤볠믡좷뚨ꆣ탂뗚튻뷗뛎ꎺ만뚨쫐펯싊뷗뛎 막랢탐닉폃쫐펯싊놶쫽램ꎺ랢탐볛룱=쎿막쮰뫳샻죳ꇁ1996쓪틔잰 쫐펯싊 뗚뛾뷗뛎ꎺIPO뗄뚨볛틀뻉듸폐얨뫱볆뮮즫닊ꎬ랢탐볛룱=쎿막쮰1996쓪쿠뛔쫐펯싊뷗뛎 뫳샻죳ꇁ쿠뛔쫐펯싊 -1999쓪 뗚죽뷗뛎ꎺ평짏쫐릫쮾뫍돐쿺짌릲춬킭짌살좷뚨막욱뗄볛룱ꎬ믺릹췸짏뫍췸쿂샛볆춶뇪1999쓪춶헟퓚막욱랢탐볛룱뗄좷뚨훐튲웰떽튻뚨뗄ퟷ폃ꎬ듋뚨볛 -2001쓪 쪱틑뺭듸폐튻뚨뗄쫐뎡뮯ꆣ 폫뒫춳뗄만뚨쫐펯싊뚨볛램쿠뇈ꎺ튻쫇랢탐볛룱쟸볤뗄뗚쯄뷗뛎ꎺ짏쿂럹뛈풼캪10%;뛾쫇랢탐쫐펯싊늻뎬맽20놶ꎬ짏쫐2001쓪뿘훆쫐펯싊뚨볛 릫쮾뫍횤좯릫쮾횻쓜퓚헢룶쫐펯싊쟸볤쎻뷸탐킭짌뚨-2004쓪 볛. 뗚컥뷗뛎: (1)돵늽톯볛랽쪽좷뚨횤좯랢탐볛룱쟸볤;(2)샛볆춶뇪톯톯볛훆뚨볛램 2005쓪-훁볛랽쪽좷뚨ퟮ훕랢탐볛룱 뷱 듓틔짏컒맺IPO뗄뚨볛믺훆뗄룄룯샺돌살뾴ꎬ컒맺뗄탂막뚨볛훰늽췋뗴쇋볆뮮즫닊ꎬ뛸쫇룼볓쟷쿲폚쫐뎡뮯ꎬ헢튲쫇퓚룺맺볊뗄탂막랢탐쫐뎡뷓맬뗄튻룶랽쏦ꆣ컒맺쿖탐뗄탂막뚨볛훆뛈쫇톯볛훆ꎬ룹뻝ꆶ맘폚쫗듎릫뾪랢탐막욱쫔탐톯볛훆뛈죴룉컊쳢뗄춨횪ꆷ맦뚨ꎬ컒맺IPO릫쮾막욱뚨볛럖캪죽룶닣듎ꆢ솽룶뚨볛뮷뷚ꆣ뗚튻룶닣듎ꎬ랢탐죋뫍놣볶믺릹퓚좫늿톯볛뛔쿳훐톡퓱늿럖뷸탐돵늽톯볛ꎬ좷뚨막욱랢탐볛룱쟸볤ꆣ뗚뛾룶닣듎ꎬ쿲좫늿톯볛뛔쿳샛볆춶뇪톯볛ꎬ룹뻝톯볛뛔쿳뗄죏릺쟩뿶ꎬ좷뚨랢탐볛룱ꎬ늢내죏릺쫽솿엤쫛룸톯볛뛔쿳ꆣ뗚죽룶닣듎ꎬ붫웤폠막욱내춬튻볛룱쿲짧믡릫훚춶헟춨맽췸짏엤쫛랢탐ꆣ 듓틔짏탂막랢탐훆뛈뗄뇤룯컒쏇뿉틔뾴돶ꎬ컒맺탂막뗄쫐뎡ힼ죫훆뛈폫탂막뗄뚨볛훆뛈뚼쫇튻늽튻늽퓚뫍맺볒짏훷쇷뗄훆뛈뷓맬ꎬ탂막뗄뚨볛훆뛈튲훰늽뗄냚췑쇋볆뮮뗄즫닊ꎬ싽싽뗄쫐뎡뮯ꆣ 쒿잰톯볛훆뛈훷튪폐죽룶랽쏦듦퓚튻뚨뗄컊쳢ꎺ ꎨ1ꎩ퓚톯볛뮷뷚떱훐뮹듦퓚탭뛠틲쯘뗄훆풼ꎬ듓쪵볊뗄쟩뿶살뾴ꎬ톯볛훆뛈쎻폐돤럖뗄랢믓펦폐뗄ퟷ폃ꎬ폐쪱뫲횻쫇탎쪽짏뗄튻킩돌탲ꆣ퓚맺췢쫐뎡짏ꎬ뺭뎣믡돶쿖탂막웆랢뗄쟩뿶ꎬ뛸퓚컒맺탂막짏쫐쫗죕헇럹뻞듳ꎬ톯볛훆뛈쎻폐웰떽놾펦룃웰떽뗄ퟷ폃ꎬ헢튲틢캶ퟅ돐쿺짌듦퓚ퟅ튻뚨뗄컊쳢ꆣ뛾벶쫐뎡헇럹뻞듳튲폐쫐뎡ퟔ짭뗄튻킩풭틲ꎬ떫쫇컒맺짏쫐뗄탂막웕뇩듦퓚ퟅ벫룟뗄쫗죕뎬뛮쫕틦ꎬ쮵쏷톯볛믺훆폐컊쳢ꆣ27
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 틲듋탂막늻냜뗄짱뮰떼훂쇋쫕틦폫럧쿕뗄늻욥엤ꆣ ꎨ2ꎩ퓚랢탐뗄맽돌훐ꎬ샻틦퇏훘뗘쿲믺릹춶헟쟣킱ꎬ랢탐럖캪햽싔엤쫛ꎬ췸짏뫍췸쿂랢탐ꎬ훐킡춶헟횻쓜췸짏뷸탐짪릺ꎬ퓙볓짏훐잩싊뗍ꎬ퓬돉쇋늻욽뗈뗄뻖쏦ꆣ ꎨ3ꎩ퓚탂막뗄엤쫛횮훐ꎬ훷튪쫇틔뷰솿뗄듳킡캪틀뻝ꎬ헢퇹듳솿뗄뷰볓죫떽듲탂뗄탐쇐ꆣ춬쪱탂막랢탐뗄뷚ퟠ쎻폐맦싉탔ꎬ쯹틔듳솿뷰폎ퟟ퓚튻벶쫐뎡뫍뛾벶쫐뎡횮볤ꎬ퓬돉쫐뎡뗄늻컈뚨탔ꆣ 뛔컒맺IPO뚨볛랽쪽뗄쮼뾼 컒쏇폃릫쪽살뚨틥IPO쫕틦싊ꎬIPO쫗죕쫕틦싊뗄볆쯣릫쪽죧쿂ꎺ IR=P/P -1 IPOfs웤훐ꎺIR뇭쪾IPO쫗죕쫕틦싊ꎬP뫍P폫짏컄훐쯹뇭쪾뗄틢틥튻퇹ꎬ뇭쪾뗄쫇fsIPO랢탐볛뫍IPO짏쫐쫗죕쫕엌볛ꆣ 놾컄쫕벯쇋듓1991쓪떽2010쓪막욱쫐뎡짏탂랢탐뗄1839횧막욱뷸탐럖컶컒맺뗄IPO틖볛싊뗄쟩뿶ꎬ컒맺1991쓪떽2010쓪뗄쓪욽뻹IPO쫗죕쫕틦싊죧쿂뇭2-2ꎺ 뇭4-2 IPO쫗죕쫕틦싊춳볆뇭 쓪럝 쫗죕쫕틦싊욽뻹횵막욱쫽 1378 2006 70 2007 118 2008 76 192 쫽뻝살풴ꎺ뻞쇩뷰죚욽첨짏뗄탂막폐맘쫽뻝볆쯣뛸뗃 듓짏뇭훐컒쏇횪뗀IPO쫗죕쫕틦싊퓚랢탐훆뛈뫍랢탐랽쪽룄룯뗄춬쪱폐튻뚨뗄쿂붵ꆣ퓚2005쓪닉폃톯볛훆뛈횮잰ꎬIPO뚨볛닉폃뗄쫇늻럖탐튵ꎬ닉폃만뚨쫐펯싊뗈탐헾뮯뚨볛랽램ꎬ쫐뎡쎻폐ퟔ벺뗄뚨볛좨ꆣ떫듓2005쓪IPO닉폃톯볛훆뛈횮뫳ꎬ듓짏뇭뿉틔뾴돶ꎬ쿠뇈04쓪횮잰뗄쫗죕뎬뛮쫕틦싊뗄욽뻹횵ꎬ틑뺭쿂붵쇋뫜뛠ꎬ쮵쏷쫐뎡뮯뗄뚨볛랽램쿠뛔탐헾뮯뚨볛랽램살쮵ꎬ퓚튻뚨돌뛈짏붵뗍쇋쫗죕뎬뛮쫕틦ꆣIPO톯볛훆뛈닉폃쇋맺볊짏춨탐뗄샛믽춶뇪톯볛랽쪽살좷뚨랢탐볛룱ꎬ춨맽톯볛훆뛈ꎬ랢탐죋ꎬ춶헟뫍돐쿺짌횮볤폐쇋룼뫃뗄릵춨ꎬ뚨볛좨룼뛠뗄욫쿲쫐뎡뮯ꎬ퓚튻뚨뗄돌뛈짏복짙쇋뚨볛뗄훷맛탔ꎬ헢뛔놾쫐뎡뗄췪짆뫍랢햹웰ퟅ럇뎣훘튪뗄ퟷ폃ꆣ 떫쫗죕뎬뛮쫕틦싊죔좻룟듯100%ꎬ쮵쏷횤좯쫐뎡폐듽뷸튻늽뗄랢햹뫍췪짆ꆣ200928
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 쓪7퓂IPO퓙듎훘웴횮뫳ꎬ쫗떥IPO맰쇖죽뷰쫜떽쇋춶헟뗄뿱죈ힷ엵ꎬ쫗죕뎬뛮놨돪싊룟듯91%ꆣ떫떽쒿잰캪횹욽뻹놨돪싊풼캪%.쿠뇈횮잰틑듳폐룄짆ꆣ떫뫍랢듯쫐뎡쿠뇈뮹쫇듦퓚튻뚨뗄닮뻠ꆣ 떫쿖폐뗄톯볛훆뛈뮹늻첫췪짆ꎬ랢탐죋ꎬ놣볶죋ꎬ춶헟죽랽뗄늩?뮹늻릻돤럖ꆣ탨튪듓틔쿂벸룶랽쏦뷸탐룄룯ꆣ ꎨ1ꎩ복짙탂막짏쫐뗄뚨볛쇷돌ꆣ쿖퓚컒맺훐킡냥웳튵짏쫐뚼쫇뺭맽돵늽톯볛뫍샛볆춶뇪톯볛ꎬ붫살펦룃춨맽돵늽톯볛뻍좷뚨랢탐볛룱ꎬ좻뫳뷸죫췸짏뫍췸쿂뗄랢탐엤쫛ꆣ ꎨ2ꎩ쒿잰췸짏짪릺뫍췸쿂엤쫛늻쫇춬늽랢탐뗄ꎬ쿖폐뗄쟩뿶쿂ꎬ춶헟횻폐뗈떽믺릹춶헟췸쿂엤쫛횮뫳닅쓜뷸탐췸짏뗄짪릺ꎬ붫살솽훖랽쪽펦룃춬늽뷸탐ꆣ ꎨ3ꎩ튪뷸튻늽뗄럖쟥돾돵늽톯볛뫍샛볆춶뇪톯볛뗄맘쾵ꆣ쿖퓚튻냣돵늽톯볛뗄쪱뫲폐20볒ퟳ폒ꎬ죧맻웳튵릫뾪랢탐쇋4틚막틔짏ꎬ쓇쎴믡폐50볒웳튵살놨볛ꆣ쿖퓚횻튪럻뫏쳵볾뗄웳튵뚼뿉틔살닎폫샛볆춶뇪톯볛ꎬ헢퇹죝틗돶쿖튻킩웳튵퓚돵늽톯볛쪱싒놨볛ꎬ좻뫳퓚샛볆춶뇪톯볛쪱럅웺ꆣ헫뛔헢훖쿖쿳탨튪뷸탐퇏룱뗄맜샭뫍볠뚽ꎬ좷놣IPO뗄쮳샻랢탐ꆣ ꎨ4ꎩ럅뿭뛔돐쿺짌뗄쿞훆ꎬ늻뷶훷돐쿺짌뗄훷ퟔ펪튵컱뿉틔닎폫톯볛ꎬ웤쯼돐쿺췅튲뿉틔닎폫톯볛ꆣ ꎨ5ꎩ탨튪뷸튻늽볓잿뛔돐쿺짌ꎬ놣볶죋ꎬ놣볶믺릹뗄볠맜ꎬ뛔웤늻돏탅뗄탐캪ꎬ캥램뗄탐캪룸폨퇏샷뗄뒦랣ꆣ 맺쓚폫쿣룛훆뛈뗄뇈뷏탔럖컶 쿣룛ퟷ캪랢듯뗄놾훷틥쫐뎡ꎬIPO쫗죕뎬뛮놨돪싊튻냣퓚10%ퟳ폒ꎬ듳듳뗍폚맺쓚뗄쫽횵ꆣ떽쒿잰캪횹ꎬ춬쪱퓚A막뫍H막짏쫐뗄웳튵튻릲폐61횧ꆣ 퓚쿖폐톯볛훆뛈쿂ꎬ2009쓪9퓂뎬벶듳엌막훐맺훐튱퓚A막뫍H막춬쪱짏쫐ꎬퟷ캪훐ퟖ춷뗄맺웳ꎬ훐맺훐튱퓚솽뗘짏쫐쪱쫜떽쇋맣랺뗄맘힢ꎬ돉캪2009쓪좫쟲뗚뛾듳뗄IPO붻틗ꎬ뷶듎폚훐맺붨훾ꆣ훐맺훐튱퓚솽뗘짏쫐쫗죕뗄뇭쿖퓚튻뚨돌뛈짏랴펳쇋솽뗘뗄닮틬ꎬ뻟폐튻뚨뗄듺뇭탔ꆣ 뇭4-3 훐맺훐튱쫽뻝럖컶 쓪럝 쫗죕쫕엌볛랢탐볛쫗죕뎬뛮놨돪싊A막 풪 풪28% H막 룛풪 풪-11% 쫽뻝살풴ꎺ뻞쇩뷰죚욽첨짏뗄탂막폐맘쫽뻝볆쯣뛸뗃 29
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 훐맺훐튱2009쓪9퓂9죕퓚A막뫍H막쫐뎡췸짏랢탐ꎬ9퓂21죕헽쪽퓚A막뫍H막짏쫐ꆣ떫춬튻횧막퓚솽뗘짏쫐쫗죕뗄뇭쿖좴듳쿠뺶춥ꆣA막쫗죕짏쫐뇣돥룟떽풪ꎬ쯦뫳캲엌믘실훁풪,쫗죕뎬뛮쫕틦싊캪28%.뛸퓚H막짏쫐떱쳬뇣웆랢ꎬ쫗죕뎬뛮쫕틦싊캪-11%ꆣ쯦뫳퓚A막쫐뎡짏훐맺훐튱퓚늻떽튻룶퓂뗄쪱볤샯뗸웆랢탐볛ꆣ 뷡뫏훐맺훐튱퓚튻벶쫐뎡뗄랢탐볛뫍뛾벶쫐뎡뗄뇭쿖살뾴ꎬ죧잰컄쯹쫶ꎬ튻벶쫐뎡IPO뗄뚨볛욫룟ꎬ뛸쟒뛾벶쫐뎡짏뗄럇샭탔룼볓듙쪹쇋뎬뛮쫕틦싊뗄짏짽ꆣ 뛸듓A막쫐뎡뫍H막쫐뎡짏뗄뇭쿖살뾴ꎬH막쫐뎡룼볓췪짆ꎬ뛾벶쫐뎡쓜릻ퟔ훷뗷뷚웤볛룱뗄늻뫏샭탔ꎬ쓜릻죃웤볛룱헽뎣믘맩떽뫏샭뗄볛룱쟸볤ꆣ A막뫍H막뚼닉폃뗄쫇톯볛훆뛈ꎬ떫솽헟죔좻폐튻뚨뗄쟸뇰ꎬ쳥쿖퓚쿂쏦벸룶랽쏦ꎺ ꎨ1ꎩ훐잩싊 뇭4-4 쓪욽뻹훐잩싊뗄춳볆럖컶 쓪럝 Mean Median . 2009 2008 2007 2006 쫽뻝살풴ꎺ뻞쇩뷰죚욽첨짏뗄탂막폐맘쫽뻝 듓짏뇭뿉틔뾴돶컒맺A막쫐뎡짏뗄훐잩싊럇뎣뗍ꎬ훐잩싊쫇랴펦막욱튻벶쫐뎡쫇럱릩늻펦쟳뗄튻룶솼뫃뗄횸뇪ꎬ늢쟒퓚튻뚨뗄돌뛈짏펰쿬ퟅIPO랢탐뗄볛룱ꆣ맽뗍뗄훐잩싊떼훂쇋듳솿뗄뷰컞램짪릺떽탂막ꎬ틲듋믡틽웰탂막짏쫐쫗죕튻킩믺릹뫍즢뮧싲싴뗄뿱죈탐캪ꆣ훐맺훐튱A막쫐뎡짏뗄훐잩싊캪%ꎬ뛸룛막쫐뎡짏뗄훐잩싊캪8%ꎬ듓헢룶쫽뻝뿉틔뾴돶A막쫐뎡훐잩싊듦퓚튻뚨뗄늻뫏샭ꆣ 퓚A막쫐뎡짏믺릹펵폐엓듳뗄뷰ꎬ쯹틔쓜짪릺떽뻸듳늿럖뗄탂막ꎬ틲뛸훐킡막쏱뗄샻틦퇏훘쫜쯰ꎬ뛸믺릹캪쇋죃ퟔ벺짪릺뗄막욱쓜릻싴떽뫏샭뗄볛룱ꎬ짏쫐쫗죕뇣믡듸뚯즢뮧뷸탐뎴탂ꆣ뛸퓚쿣룛ꎬ믺릹춶헟짪릺500췲막틔짏ꎬ뇘탫돐떣뚨볛쓜솦ꎬ늢쟒폐쯸뚨웚ꆣ듓믘늦믺훆짏뾴ꎬ뫜뛠훆뛈뚼튪췪짆ꎬ쳘뇰튪퇏룱볠맜믺릹춶헟췸짏췸쿂짪릺떽듳엺뷰뫳ꎬ퓚막욱짏쫐뫳쎦폚쳗쿖뗄탐캪ꆣ뛔폚듳엌막뗄짏쫐ꎬ탨튪폫믺릹춶헟첽쳖뫏샭뗄뚨볛ꎬ룹뻝막횸돖폐뫍쯸뚨막욱ꎬ뛸늻쫇죃즢뮧좥돐떣퓰죎ꆣ ꎨ2ꎩ랢탐쫐펯싊 30
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뇭4-5 쓪욽뻹랢탐쫐펯싊뗄춳볆럖컶 A-H Mean Median Max . A 25 H 쫽뻝살풴ꎺ뻞쇩뷰죚욽첨짏뗄탂막폐맘쫽뻝 쎿막볛룱쎿막쫕틦쫐펯싊=ꎬ춶헟춨뎣샻폃쫐펯싊좥뫢솿튻룶막욱뗄춶볛횵ꎬ쫐펯싊퓚튻뚨돌뛈짏튲랴펳쇋떱잰쫐뎡뗄릩쟳맘쾵ꆣ튻냣살쮵튻볒릫쮾뗄쫐펯싊맽룟ꎬ쓇쎴튲틢캶ퟅ헢볒릫쮾뗄막욱볛룱폐엝쒭ꎬ떫쫇뒦폚톸쯙돉뎤웚뗄웳튵돽췢ꆣ쫐펯싊냑막볛뫍뷼웚뗄샻죳솪쾵퓚튻웰ꎬ랴펳쇋웳튵뷼웚뗄뇭쿖ꆣ 뇭4-6쫐펯싊뛔릫쮾볛횵뗄펰쿬 <0릫쮾펯샻캪뢺0-13볛횵놻뗍맀14-24헽뎣24-35볛횵놻룟맀35+폐엝쒭쇭췢듓A-H막뗄랢탐쫐펯싊살뾴ꎬ춬퇹뗄웳튵ꎬA막뗄쫐펯싊튪룟돶H막30%ꆣ짏뇭뿉틔뾴돶컒맺뗄막욱믹놾짏듦퓚튻뚨뗄춶믺엝쒭ꎬ뛸룛막뒦폚헽뎣뗄뷗뛎ꆣ룟쫐펯싊뗄랢탐튲틢캶ퟅ막욱뗄뚨볛맽룟ꎬ듓쫐펯싊뗄뷇뛈살쮵튲쓜횧돖IPO뚨볛맽룟뗄뷡싛ꆣ 듓A막뫍H막뇈뷏살뾴ꎬ컒맺뮹폐뫜뎤뗄튻뛎슷튪ퟟꎬ춨맽뷨본쿣룛막쫐뗄쟩뿶ꎬ폐샻폚컒맺막욱쫐뎡뷸튻늽뗄룄룯ꎬ쫗쿈쫇쳡룟훐잩싊ꎬ놣뮤훐킡춶헟뗄샻틦ꎬ볓잿탅쾢랽쏦뗄엻슶ꎬ웤듎쫇쳡룟춶헟틔벰뺭볍죋뗄쯘훊ꎬ복짙늻샭탔뗄춶믺탐캪ꆣퟮ뫳쫇럅뾪막욱뗄랢탐뛮뛈ꎬ죃막욱쫐뎡뗄릩쟳맘쾵믖뢴헽뎣ꆣ 31
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 5 뷡싛폫헾닟붨틩 쯦ퟅ훐맺막쫐돉뎤쇋20쓪ꎬIPO뚨볛훆뛈튲늻뛏뗄룼탂ꎬ쿲ퟅ돉쫬놾쫐뎡싵뷸ꆣ퓚늻뛏룄룯뫍잰뷸뗄맽돌훐ꎬ훐볤뺭샺맽뫜뛠쪧냜ꎬ튲뢶돶쇋뫜뛠듺볛ꎬ퓚탂뗄톯볛훆뛈쿂ꎬIPO쫗죕뎬뛮쫕틦폐쯹붵뗍ꎬ튲틢캶ퟅIPO뚨볛쿠뇈틔췹룼볓뫏샭ꎬ떫쫇폫랢듯맺볒쿠뇈ꎬ컒맺뮹폐뫜뎤뗄슷튪ퟟꆣ듓랢탐훆뛈짏살뾴ꎬ늻맜쫇짳엺훆뮹쫇뷱뫳뗄힢닡훆ꎬ컒맺쒿잰듦퓚뗄ퟮ듳컊쳢쫇탂막뗄랢탐뮹듦퓚ퟅ탐헾뮯뗄맜훆ꎬ탂막뗄릩늻펦쟳뗄쿖쿳쪼훕뚼쎻폐쿻돽ꎬ헢튲쫇IPO뚨볛맽룟ꎬ늢쟒뎴탂뗄튻룶ퟮ훷튪뗄컊쳢ꆣ럅뾪탂막랢탐뗄맜훆ꎬ폐샻폚웳튵짏쫐죚ꎬ폐샻폚쫐뎡뮯뗄퓋탐ꎬ튲쓜릻쿻돽듳솿뗄톰ퟢ탐캪ꎬ죃웳튵쓜릻좫탄뗘춶죫떽랢햹횮훐ꎬ뛸늻쫇뷸탐톰ퟢꎬ틔톰쟳짏쫐ꆣ듓컒맺쒿잰뗄톯볛훆뛈살쮵ꎬ놣볶죋훆뛈뮹뫜늻맦랶ꎬ늢쟒쎿룶놣볶죋쎿쓪횻쓜잩솽볒웳튵ꎬ럅뾪놣볶죋뗄틾탎맜훆ꎬ죃놣볶죋뫏샭뗘뺺헹ꎬ늢쟒죵뮯놣볶죋훆뛈뾼쫔ꎬ퓚틔췹뗄튵컱훐좥에뛏놣볶죋쫇럱폐쓜솦좥쪤죎ꎬ뛸늻쫇뷶뷶틀뾿튻룶뾼쫔ꆣ쿣룛막쫐쫇돉쫬뗄놾쫐뎡ꎬ본폚컒맺A막뫍쿣룛뗄H막폐뫜뛠웳튵춬쪱퓚솽뗘짏쫐ꎬ뫜뛠랽쏦뛔뇈뿉틔뾴돶컒맺뮹듦퓚ퟅ늻ퟣꎬ춬쪱튲쓜뷨본웤뫏샭뗄훆뛈캪컒맺뷸튻늽뗄랢햹쳡릩믹뒡ꆣ 놾컄뇊헟뻍컒맺막욱쫐뎡IPO뚨볛룸돶튻킩뫏샭뗄헾닟뮯틢볻뫍붨틩ꆣ IPO맀횵뫍뚨볛뫏샭뮯뗄붨틩 IPO맀횵쒣탍볆쯣돶살뗄릫쮾볛횵쫇IPO뚨볛뗄믹뒡ꎬ퓚폫췢뷧틲쯘뻹뫢횮뫳ꎬ쓜릻뗃떽튻룶뫏샭뗄볛룱ꆣ쯹틔IPO뚨볛쯹톡폃뗄맀횵쒣탍뫍뚨볛쫇럱뫏샭폐뫜훘튪뗄틢틥ꆣ ꎨ1ꎩ맀횵랽램뗄톡폃 뛔폚웳튵IPO뚨볛ꎬ쫗쿈튪ퟐ쾸럖쟥돾웳튵뗄탔훊ꆣ룹뻝늻춬뗄웳튵톡퓱늻춬뗄맀횵쒣탍ꎬ쿖뷰쇷쳹쿖쒣탍ꎬ뺭볃퓶볓횵쒣탍ꎨEVA쒣탍ꎩꎬ쿠뛔맀횵쒣탍쫊뫏늻춬뗄웳튵ꆣ쿖퓚뫜뛠릫쮾뚼퓚뛠풪뮯뗄랢햹ꎬ쯹틔횻톡좡튻훖맀횵쒣탍뿉쓜늻죝틗뗃떽ힼ좷뗄뷡맻ꆣ컒쏇뿉틔룹뻝웳튵뗄쳘뗣ꎬ퓋폃뛠훖맀횵랽램ꎬ퓙뷸탐볓좨볆쯣ꎬ헢퇹뗃떽뗄뷡맻룼볓ힼ좷ꆣ ꎨ2ꎩIPO뚨볛뗄뫏샭뮯 쯦ퟅ쫐뎡뗄랢햹ꎬ컒맺펦룃훰늽복짙췸짏뚨볛랢탐ꎬ컒맺뛾벶쫐뎡쫐뎡뮯돌뛈32
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 훰붥뗄쳡짽ꎬ췸짏뚨볛퓚랴펳릫쮾볛횵뗄쪱뫲쿔뗃늻첫쫊뫏ꆣ컒맺뿉틔뷨본쿣룛뗄믬뫏헐막쒣쪽ꎬ퓚IPO뚨볛뗄쪱뫲늻뷶튪뾼싇떽믺릹춶헟뗄샻틦ꎬ튲튪놣뮤훐킡춶헟뗄샻틦ꆣ퓚톯볛훆뛈쿂붫샛볆춶뇪훆뛈ퟷ캪컒맺IPO뚨볛뗄뫋탄ꆣ톯볛훆뛈룼볓쳹뷼쫐뎡ꎬ폐훺폚랴펳헦쪵뗄쫐뎡볛룱ꆣ 쿻돽뫋ힼ훆놳뫳뗄맜훆 컒맺횤좯쫐뎡듓91쓪떽2000쓪횮잰튻횱쫇탐헾쪽뗄짳엺훆뛈ꎬ헢훖짳엺훆뛈쫇횸랢탐릫쮾탨튪뗘랽헾뢮춬틢닅쓜쿲횤좯맜샭늿쏅짪쟫ꎬ좻뫳퓙놨떽횤볠믡뫋ힼꎬ릫쮾뷓ퟅ쳡돶짏쫐짪쟫ꎬ뺭맽뢴뫋횮뫳닅쓜랢탐ꆣ 2001쓪3퓂17죕뾪쪼쪵탐쇋뫋ힼ훆ꎬ룄뇤쇋틔췹뗄짳엺훆뛈ꎬ쯤좻쿠뛔틔췹살쮵폐뫜듳뗄뷸늽ꎬ떫쫇뫋ힼ훆샫쫐뎡뮯뮹뫜풶ꆣ쫐뎡뗄뚨볛쫇랢탐죋뫍춶헟횮볤뗄늩?ꎬ늢늻탨튪볠맜늿쏅뗄닎폫ꆣ떫쫇퓚뫋ힼ훆쿂횤좯볠맜늿쏅좴뛔막욱퓚튻벶쫐뎡뗄뚨볛ퟶ돶에뛏ꎬ룉죅횤좯쫐뎡뗄퓋탐ꎬ뛔폚헢훖탐캪쫇뇘뚨믡펰쿬떽횤좯쫐뎡뗄폐킧돶쟥ꆣ 뻍컒맺쒿잰살쮵ꎬ뫋ힼ훆믡떼훂막욱쫐뎡뗄릩늻펦쟳ꎬ뛾벶쫐뎡짏짏쫐뗄웳튵늻춣뗄좦잮ꎬ뛸웤쯼탨튪죚뗄웳튵좴쎻폐냬램뗃떽뷰ꆣ뫋ힼ훆뗄돶쿖쎻폐쪹탂막뗄랢탐쯙뛈쳡룟ꎬ랴뛸뮹폐ퟅ뷸튻늽뗄붵뗍ꆣ횤좯볠맜닣죔좻뿘훆ퟅ탂막랢탐뗄뷚ퟠꎬ탂막뗄릩늻펦쟳쯹떼훂뗄쫇뛾벶쫐뎡뗄탩룟ꎬ튻벶쫐뎡뚨볛욫룟틔벰짏쫐릫쮾뫍돐쿺짌뗄톰ퟢ탐캪ꆣ 듓웤쯼맺볒뗄뺭퇩살뾴ꎬ컒맺탨튪훰늽럅뾪헢훖틾탎뗄맜훆ꎬ평뫋ힼ훆쿲힢닡훆뇤ꎬ늢쟒붫짏쫐뗄돌탲릫뾪뮯ꎬ헢퇹폐훺폚뛅뻸튻킩쓚쒻붻틗뫍톰ퟢ탐캪ꆣ횻폐죃탂막뗄릩탨쎬뛜뗄컊쳢뷢뻶ꎬ탂막뚨볛쫐뎡뮯닅쓜뗃틔쪵쿖ꆣ쫐뎡뮯뚨볛뗃돶살뗄랢탐볛룱쫇ퟮ뷓뷼뫏샭뗄볛룱ꆣ 췪짆짏쫐릫쮾뫍훐뷩럾컱 릫쮾훎샭튻횱쫇뫜훘튪뗄뮰쳢ꆣ짏쫐릫쮾펦룃맦랶릫쮾쓚늿뗄막좨뷡릹ꎬ퓚릫쮾쓚늿붨솢췪짆뗄볠뚽쳥쾵뫍퓋ퟷ뗄훆뛈ꎬ울쟫뛀솢뗄뗄뚭쫂믡ꎬ뛔릫쮾뗄맜샭쓜릻폐쪵훊뗄ퟷ폃ꆣ뛔폚컒맺맺쓚뗄짏쫐릫쮾ꎬ펦룃볓뿬폫쫐뎡뗄뷓맬ꎬ톧쾰돉쫬놾쫐뎡뗄뺭퇩ꎬ볓뿬릫쮾뗄룄퓬뫍램죋ퟔ샭뷡릹ꎬ맦랶릫쮾뗄퓋ퟷꎬ늢쟒튪놣뮤훐킡춶헟뗄좨틦ꆣ짏쫐릫쮾뗄맦랶뮯폐훺폚ퟔ짭뗄랢햹ꎬ춶헟뗄샭탔ꎬ튲폐훺폚쫐뎡뗄돉쫬뫍랢햹ꆣ 늻뷶탨튪듓릫쮾쓚늿뗄훎샭쿂쫖ꎬ늢쟒튪맦랶컒맺뷰죚훐뷩쳥쾵뗄럾컱ꎬ볓잿33
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뛔훐뷩믺릹뇈죧믡볆쫂컱쯹ꎬ돐쿺짌ꎬ싉쪦쫂컱쯹뗄맜샭ꆣ췪짆컒맺뗄횤좯쫐뎡ꎬ죃컒맺뗄훐킡춶헟폐램뿉틀ꎬ뛴훆탅쾢늻뛔돆뛔훐킡춶헟뗄짋몦ꆣ 헾뢮펦룃볓듳뛔좯짌뗄볠맜ꎬ뛔짏쫐쫗죕뇣웆랢뗄막욱ꎬ룸폨돐쿺짌튻뚨뗄돍랣ꎬ늢볓듳돍랣뗄솦뛈ꎬ춬쪱훆횹돐쿺짌폕쪹믺릹춶헟놨룟볛뗄탐캪ꎬ볓잿뚨볛틬뎣쟩뿶뗄뒰뿚횸떼ꆣ톯볛훆쪵쪩틔살ꎬ탂막볛룱믹놾짏쫇평랢탐죋뫍돐쿺짌퓚믺릹춶헟놨볛뗄믹뒡짏ퟔ탐좷뚨ꎬ횤볠믡뷸탐뒰뿚횸떼ꎬ틔럀횹돶쿖뚨볛맽폚욫샫짏쫐릫쮾믹놾쏦뗄쟩뿶ꆣ 듓쓚췢솽랽쏦뷸탐훎샭뫍룄룯ꎬ쓜릻웰떽뫜훘튪뗄ퟷ폃ꆣ IPO뚨볛믺훆쫐뎡뮯뗄붨틩 쯦ퟅ탂막랢탐훆뛈뗄뇤뮯ꎬ펦룃돶첨튻킩듫쪩복짙랢탐죋뫍돐쿺짌뗄럧쿕ꆣ ꎨ1ꎩ탂막랢탐훐틽죫뎬뛮엤쫛톡퓱좨 뎬뛮엤쫛톡퓱좨쫇횸랢탐죋쫚폨룸돐쿺짌뗄튻훖톡퓱좨ꆣ헢훖톡퓱좨쫇횸랢탐죋폫돐쿺짌풼뚨ꎬ퓚막욱랢탐30쳬쓚틔랢탐볛릺싲늻뎬맽풭살랢탐쫽솿뗄15%뗄막욱뗄튻훖좨샻ꆣ훷돐쿺짌폐좨샻룹뻝떱쪱쫐뎡뗄죏릺쟩뿶ꎬ틔벯뫏뺺볛뗄랽램릺싲랢탐죋뗄막욱믲헟쫇튪쟳랢탐죋퓶랢막욱ꎬ죧맻춶헟탨튪뎬뛮죏릺ꎬ훷돐쿺짌늻탨튪뚯폃뷰뻍쓜싺ퟣ춶헟뗄탨튪ꎬ듯떽욽뫢쫐뎡뗄릦쓜ꆣ 훐맺횤볠믡틑뺭퓚막욱쫐뎡췆돶쇋쫔뗣ꎬ떫쫇죧뫎쪵볊뗄퓋폃뮹탨튪쫐뎡뗄볬퇩ꆣ퓚쫔뗣맽돌훐탨튪뛔돐쿺짌뫍랢탐죋뷸탐볠맜뫍쪵쪱뗄볠뿘ꆣ뎬뛮톡퓱엤쫛좨쫇뛔IPO뚨볛랢탐랽쪽뗄튻훖늹돤ꎬ늻뷶쓜폃폚짏쫐릫쮾엤막ꎬ튲쓜폃폚IPO랢탐ꆣ ꎨ2ꎩ틽죫믘늦믺훆 믘늦믺훆쫇횸믺릹춶헟좷뚨볛룱ꎬ좻뫳뛔폚웕춨춶헟뗄췸짏짪릺쟩뿶ꎬ좷뚨믺릹춶헟뫍웕춨춶헟횮볤뗄막욱럖엤뇈샽ꆣ틽죫믘늦믺훆폐훺폚퓚믺릹춶헟뫍웕춨춶헟횮볤닺짺뻹뫢뗄맘쾵ꆣ죧맻믺릹춶헟룸돶뗄탂막놨볛욫뗍뗄뮰ꎬ쓇쎴웕춨춶헟뿉틔뷸탐짪릺ꎬ헢퇹퓚믘늦믺훆뗄ퟷ폃쿂믺릹춶헟쫖훐뗄엤쫛쫽솿믡튻횱복짙ꎬ헢퇹뻍쓜럀횹믺릹춶헟퓚톯볛뗄쪱뫲룸돶뗄놨볛맽뗍ꆣ죧맻쫇믺릹춶헟룸돶뗄놨볛맽룟ꎬ쓇쎴웕춨춶헟뇣늻믡퓶볓탂막뗄죏릺ꎬ헢쪱뫲믺릹춶헟퓲탨튪죌쫜룟볛룱뗄막욱랢탐ꆣ헢퇹퓚믘늦믺훆뗄ퟷ폃쿂ꎬ쓜폐킧뗄풼쫸믺릹춶헟ꎬ쪹IPO뗄놨볛룼쟷폚뫏샭ꆣ ꎨ3ꎩ췪짆놣볶죋훆뛈 뿉틔듓쯄룶랽쏦뷸탐 34
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 1.좡쿻놣볶죋훆뛈뾼쫔ꎬ횤좯듓튵뾼쫔뗄쓚죝틑뺭냼몭쇋듳늿럖횤좯랽쏦뗄믹뒡횪쪶ꎬ놣볶죋펦룃퓚튵컱훐좥톧쾰ꆣ늢쟒탨튪럅뾪놣볶죋뗄뗄쫽솿ꎬ놣볶죋뗄룱죏횤펦룃뾪럅ꆣ튪ힼ좷뗄볇슼놣볶죋뗄튵컱떵낸ꎬ헢퇹폐훺폚놣볶죋쯘훊뗄쳡짽틔벰춶탐뗄뒴탂ꆣ 2.럅뾪놣볶죋뗄잩ퟖ뗄듎쫽ꆣ쿖퓚놣볶죋ퟮ뛠횻쓜잩솽볒웳튵ꎬ횤볠믡펦룃퓊탭놣볶죋잩솽볒틔짏뗄웳튵ꎬ놣볶죋뗄퓶뛠믡볓잿헢룶쇬폲뗄뺺헹솦ꎬ쓜폐킧뗄뛴훆놣볶죋뗄좨샻ꎬ튲쓜릻쳡짽놣볶죋늻뛏뷸늽뗄뚯솦ꆣ 3.붨솢놣볶죋돏탅볇슼떵낸ꆣ폐뗄놣볶죋캪쇋ퟔ짭뗄샻틦ꎬ냯훺릫쮾캱퓬닆컱쫽뻝ꎬ캪웤냼ힰ뷸탐짏쫐ꆣ펦룃뛔웤췆볶뗄쿮쒿뷸탐뎤웚뗄룺ퟙ죧랢쿖폐탩볙캥맦뗄탐캪ꎬ붫웤볇슼퓚돏탅떵낸샯ꎬ뛔폚퇏훘캥랴맦뚨뗄놣볶죋ꎬ좡쿻웤놣볶죋뗄룱ꎬ헦헽실쪵놣볶죋뗄퓰죎ꆣ 4.잿뮯뛔놣볶죋뗄풼쫸ꆣ펦룃뢳폨놣볶죋룼뛠뗄좨샻뫍틥컱ꎬ잿뮯뛔놣볶죋뗄풼쫸ꆣ 35
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 훂 킻 솽쓪뗄퇐뺿짺짺믮뫜뿬뻍튪맽좥쇋ꎬ컒튲십짏튪샫뾪뮪훐뿆벼듳톧——쏀샶뗄톧킣ꎬ헢욪싛컄쫇뛔컒솽쓪컷랽뺭볃톧톧쾰뗄튻룶ퟜ뷡ꎬ튲쫇쿲쯹폐맘탄컒ꆢ낮뮤컒ꆢ탁쟚뷌떼컒뗄샏쪦뗄튻룶믣놨ꆣ 쫗쿈튪룐킻컒뗄떼쪦헅컀뚫뷌쫚ꆣ놾컄쫇퓚쯻뗄뺫탄횸떼쿂췪돉뗄ꆣ뷼솽쓪뗄쪱볤ꎬ떼쪦늻싛쫇퓚톧쾰짏뮹쫇퓚짺믮짏뚼뛔컒맘탄놸훁ꆣ떼쪦풨늩뗄횪쪶ꆢ퇏뷷뗄훎톧첬뛈ꆢ뿆톧쟳쪵뗄뺫짱ꆢ뛔톧짺톭톭짆폕뗄엠퇸뫍컞쮽럮쿗뗄뿭듳탘뮳룸컒컞뺡뗄웴뗏ꎬ쇮컒훕짺쓑췼ꆣ퓚듋ꎬ컒뷷쿲쯻훂틔ퟮ돏횿뗄킻틢ꆣ 춬쪱튲룐킻뺭볃톧풺웤쯻횪쪶풨늩뗄샏쪦쏇ꎬ룐킻탬뎤짺ꆢ췵짙욽ꆢ췴킡쟚ꆢ쯎뗂폂뗈뷌쫚뗄뺫닊쫚뿎뫍잮톩쯉ꆢ튦쯬샏쪦뛔놾컄룸폫뗄놦맳틢볻ꆣ 룐킻뮪훐뿆벼듳톧뗄톧폑쏇ꎬ룸폨쇋컒뗄놦맳뗄냯훺ꆣ뮹폐ꎬ컒튪룐킻컒쯹폐뗄엳폑뫍쯹폐냯훺맽컒뗄죋ꆣ 쳘뇰룐킻컒뗄뢸쒸쟗ꎬ퓚컒ힷ쟳톧튵ꆢ톧쾰횪쪶뗄맽돌훐ꎬ쯻쏇늻뷶퓚컯훊짏룸폨컒냯훺ꎬퟮ훷튪쫇퓚뺫짱짏튻횱룸폨컒늻킸뗄횧돖ꎬ쯻쏇뛔틳쟐뗄웚탭쫇컒돉뎤뗀슷짏폀늻쮥뷟뗄뚯솦ꆣ 룐킻뮪훐뿆벼듳톧룸컒쳡릩럡뢻뗄톧쾰풴ꎬ춬쪱쿲쯹폐움짳싛컄뗄샏쪦뫍볒뇭쪾돏횿뗄킻틢ꆣ 랶샘 2010쓪4퓂28죕36
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