适应我国市场环境的新股发行定价技术研究

摘要

Recently, IPO (Initial Public Offering)has seen great change in China. This shift resulted in significant reformation in the way of operation for domestic investment bank. In the future competition for IPO market among investment banks, the refined pricing ability will stand for the winner as prerequisite. As a kind of discussion on IPO pricing, this paper begins with how the reasonable IPO price is being worked out from three layers: the evaluation of stocks, the equilibrium of price and the formation of the final price. On this basis, we summarize and analyze the process of the reform of domestic IPO. Finally, we give some suggestions on this problem for further reform.