论文部分内容阅读
公司股票上市成功与否,在很大程度上取决于其定价是否合理。定价过低不利于上市公司筹集资金;定价过高会给承销商增加风险,并使投资者觉得物超所值,造成二级市场价格低落或买卖不活跃,损害上市公司的声誉,减低上市公司再一次增资扩股的能力。一般而言,发行定价是否合理在股票上市后的第一个交易日即可表现出来,通常认为上涨5％～10％属正常范围,但在我国A股市场上,该数据曾一度维持在50％以上。本文首先总结股票定价的有关模型和机制,之后分析造成我国A股一级市场和二级市场价差巨大的系统原因,并试提出对策。
The success of a company’s listing depends largely on whether its pricing is reasonable. Low pricing is not conducive to raising funds for listed companies; over pricing will increase the risk for underwriters, and make investors feel that value for money, resulting in secondary market prices or trading is not active, damage the reputation of listed companies, reduce the listed company Once more capital increase the ability of shares. In general, the issuance of pricing is reasonable in the first trading day after the listing of shares can be displayed, usually up 5% to 10% is the normal range, but in our A-share market, the data was maintained at 50 %the above. This article first summarizes the relevant models and mechanisms of stock pricing, and then analyzes the causes of the huge price gap between the primary market and the secondary market of A-shares in China and tries to put forward countermeasures.