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IPO(Initial Public Offering)就是指首次公开募股,在新股的发行过程中,定价问题是关键。IPO定价的合理与否,不但会影响到市场上各个参与主体的利益,而且还关系到公司IPO后的表现。而全球证券市场基本都存在IPO抑价问题,由于我国证券市场发展的不够成熟以及制度背景的特殊,IPO抑价更高,抑价问题要比成熟市场严重很多。本文主要阐述了我国新股定价的发展历程,世界上主要国家的新股定价方式和我国新股定价方式的对比,以及我国新股定价的评价等问题。
IPO (Initial Public Offering) refers to the initial public offering, the issue of new shares in the pricing issue is the key. IPO pricing is reasonable or not, will not only affect the interests of all participants in the market, but also related to the performance of the company after the IPO. However, there is a problem of IPO underpricing in the global securities market. Owing to the maturity of the securities market in our country and the special system background, the underpricing of IPO is higher and the underpricing is much more serious than the mature market. This article mainly elaborates the development process of the pricing of new shares in China, the comparison between the pricing methods of new shares in major countries in the world and the pricing methods of new shares in China, and the evaluation of the pricing of new shares in China.