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对证券市场来说,IPO定价的合理性对维持股价稳定具有重要意义。在通过对新股市场宏观的图表分析和观察后,选取了新股发行二次改革(2010年11月1日)到2011年7月3日期间在证券市场IPO发行的145只股票作为研究样本。使用主成分分析、逐步回归等方法构建了IPO定价的多因素模型,并由此判断我国IPO定价的影响因素。实证研究结果显示财务状况、经营成果等因素对证券市场IPO定价有较为重要的影响。这表明我国股票IPO定价在一定程度上反映了公司的内在价值,拟合优度较高,反映程度比较强。但是在二级市场,有价值偏离的现象。
For the securities market, the rationality of IPO pricing is of great significance to maintain the stability of the stock price. After analyzing and observing the macroscopic chart of the new stock market, 145 stocks that were IPO in the securities market during the second round of IPO (November 1, 2010) and July 3, 2011 were selected as the research samples. Using principal component analysis, stepwise regression and other methods to build a multi-factor IPO pricing model, and thus determine the impact of IPO pricing factors. The results of empirical research show that the financial status, operating results and other factors have a more important impact on the IPO pricing of the securities market. This shows that the IPO pricing of our stock reflects to some extent the intrinsic value of the company, the goodness of fit is good, and the degree of reflection is relatively strong. But in the secondary market, there is a phenomenon of deviation from value.