证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2014年
7期
15~20
,共null页
首次公开发行 分析师 盈利预测 行业市场估值
首次公開髮行 分析師 盈利預測 行業市場估值
수차공개발행 분석사 영리예측 행업시장고치
initial public offering, analyst, earning forecast, industry market valuation level
新股IPO发行定价是重要的理论和现实问题。作者总结了前人对于IPO定价的主要方法和影响因素的研究，并根据两个时间段内，中小板和创业板共436家上市公司数据的实证分析，提出并验证了分析师盈利预测、行业市场估值水平和历史盈利增长对IPO发行市盈率具有显著正的影响。同时还验证了机构投资者偏好和公司规模对发行公司的发行市盈率有显著正的影响；而承销商的声誉、发行的融资规模对IPO发行市盈率没有显著影响。
新股IPO髮行定價是重要的理論和現實問題。作者總結瞭前人對于IPO定價的主要方法和影響因素的研究，併根據兩箇時間段內，中小闆和創業闆共436傢上市公司數據的實證分析，提齣併驗證瞭分析師盈利預測、行業市場估值水平和歷史盈利增長對IPO髮行市盈率具有顯著正的影響。同時還驗證瞭機構投資者偏好和公司規模對髮行公司的髮行市盈率有顯著正的影響；而承銷商的聲譽、髮行的融資規模對IPO髮行市盈率沒有顯著影響。
신고IPO발행정개시중요적이론화현실문제。작자총결료전인대우IPO정개적주요방법화영향인소적연구，병근거량개시간단내，중소판화창업판공436가상시공사수거적실증분석，제출병험증료분석사영리예측、행업시장고치수평화역사영리증장대IPO발행시영솔구유현저정적영향。동시환험증료궤구투자자편호화공사규모대발행공사적발행시영솔유현저정적영향；이승소상적성예、발행적융자규모대IPO발행시영솔몰유현저영향。
IPO pricing is an important theoretical and practical issue. The authors surveyed the early research on methods and factors of IPO pricing, and proposed that analyst＇s earning forecast and industry market valuation level are important factors for IPO pricing. Through empirical analysis on data of 436 listed companies of small board and GEM market in two periods, we demonstrated that analysts earning forecast, industry market valuation level and past earning growth rate have significant positive impacts on the price- earnings ratio （PE） oflPO issue. And institutional investors＇ preference and company size have significant positive impacts on the PE of IPO issue. However, reputations of underwriters and issue scale have no significant effects on the PE of IPO issue.
