中国股票市场在国民经济中的地位不断攀升,股票发行市场作为开端至关重要,股票发行定价直接反映了整个股票市场的稳定性和成熟度。目前上市公司低质量,低价格,高抑价现象、违法违规行为严重,一直困扰着证券监管机构和广大投资者。新股发行定价应以经典金融学的定价理论为基础,分析影响股票发行定价的各种因素,在具体情况下确定适合的发行机制和合理的发行价格。 As China’s stock market continues to rise in the national economy, the stock issuance market is crucial as a starting point. The pricing of stock issuances directly reflects the stability and maturity of the entire stock market. At present, listed companies have low quality, low price and high underpricing, and serious violations of laws and regulations have plagued securities regulators and investors. The pricing of new shares issuance should be based on the pricing theory of classical finance, analyze the various factors affecting the pricing of stock issuance, and determine the appropriate issuance mechanism and reasonable issuing price under specific circumstances.