我國(guó)新股發(fā)行定價(jià)市場(chǎng)化問(wèn)題研究.pdf

1、蘭州大學(xué)碩士學(xué)位論文我國(guó)新股發(fā)行定價(jià)市場(chǎng)化問(wèn)題研究姓名：耿立旺申請(qǐng)學(xué)位級(jí)別：碩士專(zhuān)業(yè)：經(jīng)濟(jì)學(xué)金融學(xué)指導(dǎo)教師：馬雪彬20100501蘭捌太堂亟土堂僮i金塞亟圍塹照筮征定儉直場(chǎng)絲間遂班氳AbstractEffectivestockmarketcanplaythefollowingrolesinresourceallocationaccordingtoefficientmarkettheoryFirst，thestockpricecRnref

2、lecttheeconomicefficiencyandtheabilitytoobtainprofitsoftheissuecompanySOthatwillleadthecapitalflows，strengthenthesurvivalofthefittestmechanismandmaximizethebenefitsofresourceallocationSecond，becausetheinvestmentscan’tget

3、excessreturnsinthecapitalmarket，thespeculationiscurbedThestockmarketwillbecomealongterminvestmentplace，whichalsopromotethedevelopmentofindustrialinvestmentandtheefficiencyofresourceallocationWiththedevelopmentandimprovem

4、entofoursharesmarketgraduallythemechanismofIPOpricingisopentothemarketButalargenumberofresearchshowsthatIPOunderpricingisstillveryhighinchinaThattosay，pricinginhibitstheefficiencyofstockmarketinresourceallocation，itisver

5、yimperativetospeeduptheprocessofmarketpricingThispaperisdividedintofourpartsThefirstpartintroducedthetheoryofIPOpricingandsummarizedtheachievementofrelatedresearchPartIIsortsouttheIPOPricinginthemarketprocessThethirdpart

6、ofthemarket，accordingtothedegreeofIPOpricingevaluationmethodsandanalyticalbackground，selectedthepercentageofoutstandingshares，issueprice—earningsratio，circulation，turnoverandothervariablesasindependentvariablesTheempiric

7、alanalysisgetstheconclusionthattheIPOmarketpricinglevelhasbeenimproving，butstillneedtobefurtherpromoted，whichistestedbyquantitativevariablesstatisticalanalysisandregressionanalysisThefourthpartbasedontheempiricalresearch