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新股发行定价是股票发行中最关键的问题,涉及到发行公司、承销商和投资者各方的利益。确定合理的发行价格有利于保证发行公司顺利筹集到所需资金,降低承销商的风险,同时也使投资者获得合理收益。一般而言,新股发行价格与以下几个因素有关:一是发行公司的企业价值。发行公司的企业价值不单指发行公司目前的净资产规模和盈利水平,还包括企业未来的发展潜力等。前者直接反映了发行公司上市时的财务状况和经营成果,后者才真正决定了企业的预期价值,而投资者购买股票主要是为了能够获取未来的收益;二是市盈率,即股价与每股收益的比商倍数。在新股发行定价环节考虑市盈率因素,主要还在于考虑公司业绩以及业绩增长对发行定价水平的支持;三是发行公司的筹资规模;四是二级市场上可比公司的股价水平;五是发行时的市场情况;六是发行公司所属行业。发行公司所属行业的发展前景会影响到公众对本公司发展前景的预期,行业发展前景好,成长速度快,股票发行价就可以定得高一点;而一些夕阳类产业公司,由于其行业前景趋淡,发行定价自然就要低一些。
IPO issue pricing is the most crucial issue in the issue of shares, involving the interests of all the issuers, underwriters and investors. Determining a reasonable issue price is conducive to ensuring that issuers can raise the funds needed to reduce the risk of underwriters and at the same time give investors a reasonable return. In general, the issue price of new shares with the following factors: First, the issue of the company’s corporate value. The corporate value of the issuing company does not only mean the current net asset size and profitability of the issuing company, but also the future development potential of the enterprise. The former directly reflects the financial status and operating results of the issuing company when it is listed, and the latter really determines the expected value of the enterprise. The investors purchase the stock mainly for the purpose of gaining future earnings. The other is the price-earnings ratio, that is, the stock price and earnings per share The ratio of multiple. Considering the factor of price-earnings ratio in the issue price of new shares, the main factor lies in considering the performance of the company and the growth performance of the issuance of the level of support; third is the size of the issuers financing; Fourth, comparable companies in the secondary market price level; Market conditions; Sixth, the issue of the company’s industry. The development prospect of the industry of the issue company will affect the public’s expectation for the development prospect of the Company. The industry development prospect is good and the growth rate is fast, and the issue price of the stock can be set higher. However, some sunset-type industry companies, due to their weak prospect in the industry , Issue pricing naturally lower.