훐맺횤좯튵킭믡뿆퇐뿎쳢퇐뺿놨룦 뿎쳢뇠뫅 IPO뚨볛폫랢쫛믺훆뗄맺볊뾼달 폫훐맺컊쳢퇐뺿 뿎쳢퇐뺿떥캻훐맺틸뫓횤좯 뿎쳢퇐뺿죋풱쳀쫀짺쇵맢튫 믆룱럇 뿎쳢퇐뺿웚쿞2003쓪2퓂 2003쓪7퓂 뿎쳢쳡붻죕웚2004쓪1퓂19죕
햪 튪 닺뚨볛쫇놾쫐뎡뗄뫋탄횰쓜 IPO뚨볛컊쳢룼쫇뷼벸쪮쓪살뷰죚뺭볃톧쇬폲뗄죈뗣컊쳢IPO뚨볛뗄ힼ좷탔횱뷓맘쾵떽놾쫐뎡폅뮯풴엤훃릦쓜뗄랢믓퓚훐맺헢룶탂탋볓맬뗄쫐뎡막욱쫐뎡맦쒣퓚룟쯙랢햹뷼쓪살맜샭닣퓚룄룯막욱랢탐훆뛈랽쏦닉좡쇋탭뛠듫쪩떫뚼쎻폐뒥벰탂막랢탐뗄뚨볛믺훆뎤웚틔살훐맺쫐뎡IPO틖볛쮮욽풶풶룟폚맺볊욽뻹쮮욽랴펳돶컒맺탂막뚨볛킧싊뗍쿂뛔웤돉틲뫍뷢뻶횮뗀뗄럖컶퇐뺿붫폐훺폚컒맺막쫐뗄붡뾵랢햹 퓚췪좫쫐뎡뮯뗄쳵볾쿂IPO맽돌쪵볊짏돉캪랢탐죋훷튪횸웳튵볒춶헟뫍튵믺릹훷튪횸춶틸탐죽랽늩?뗄맽돌틲듋IPO맽돌뿉틔놻뾴ퟷ쫇퓚뛠훘풼쫸쳵볾쿂뗄ퟮ폅뮯컊쳢쯹폐뗄늩?랽뚼얬솦쪹쯻쏇뗄닆뢻ퟮ듳뮯늢쪹웤닎폫IPO뗄횱뷓돉놾뫍볤뷓돉놾ퟮ킡뮯룸막욱뚨볛듳훂뿉틔럖캪솽룶늿럖튻쫇샻폃쒣탍믲쫽솿럖컶좷뚨릫쮾볛횵쇭튻늿럖쫇춨맽톡퓱뫏쫊뗄랢쫛믺훆살좷뚨펰쿬볛룱뗄틲쯘죧쫐뎡탨쟳쟩뿶틔ퟮ훕좷뚨볛룱뗈솽헟뗄폐믺뷡뫏닅쓜쪵쿖돉릦뗄뚨볛쒿잰컒맺훷튪쪹폃탐헾뿘훆쿂뗄쫐펯싊놶쫽램뗈쿠뛔맀횵램뫍만뚨볛룱릫뾪랢쫛믺훆쓑틔ힼ좷랴펳릫쮾뗄쓚퓚볛횵뫍쫐뎡탨쟳ힴ뿶막욱뚨볛뗄훆뛈탔좱쿝퓬돉막볛탅뫅얤쟺헢훖뗍뚨볛킧싊믡떼훂뷰죚풴뗄뗍킧짵훁듭컳엤훃춬쪱튲쪹막볛좱짙컈뚨뗄쓚퓚믺훆죝틗듳웰듳실뷸뛸훺뎤쫐뎡춶믺탐캪볓뻧쫐뎡늨뚯놾컄춨맽뛔맺볊춨탐뗄IPO뚨볛뫍랢쫛믺훆벰컒맺쪵볹쟩뿶뗄쾵춳뾼달럖컶컒맺A막IPO룟틖볛뗄돉틲늢첽쟳쳡룟컒맺IPO쫐뎡킧싊뗄춾뺶
ABSTRACT Asset pricing is the main function of the capital market, IPO (initiate public offering) pricing is a hot topic of the financial economics research area in the world. The reasonableness of IPO price is directly related to the efficiency of resource allocations in the stock market. China is an emerging market and a transition economy, CSRC take a lot of measures on the reformation of the stock issuing system these years, but not involved in the IPO pricing mechanism. Severe IPO underpricing in china is one of the most striking phenomena that cries out for examination and theoretical understanding, finding its determinations and solutions is very important for the market's healthy development. In the condition of marketalization, the IPO pricing process must contain variables that relate to the IPO firm, the investment banker, and the investor market, the three principal stakeholders whose wealth is affected by underpricing. IPO process can be devided into two parts: one is to use computation model to decide the value of issuing company; another is to select suitable IPO issurance mechnism to find reasonable market price; the intergration of these two parts can realize successful pricing. In China, the main IPO pricing method is using PE ratio and .fixed price public offering, which can not reflect the differences in internal company value, the drawbacks of current IPO pricing mechnism results in the stock price distoration, and it decrease the efficiency of the market and increase the trading cost and corruption in IPO market. This paper make a comparative study of IPO pricing and issuing mechnism in the world ,and anlysis the determination of serve IPO underpricing in China. To resolve these problems, we must drive the market-orientation reform and deregulation for the IPO system in china, these measures will improve the efficiency of chinese IPO market.
