摘要
本文传承我国国情和股票发行定价制度的历史、现状,基于相对估价法的基本原理,通过引入财务影响因子和大盘影响因子,从统计学的视角,给出了股票发行定价的两个数量模型。为检验模型的应用效果,提出了IPO定价的三个检验标准,以此为依据进行了模拟对比,结果表明,模型一在现阶段具有较强的应用价值。另外本文还探讨了证监会关于EPS的新规定可能对IPO定价带来的影响。
Based on the history of IPO Pricing and basic principle of Relative Evaluation Rule, this paper introduces financial factors as well as index factor. Then in view of Statistics two pricing models are put forward. At the same time, we think that three criterions should be taken into account to test model. Furthermore, the paper compares simulation effects of two models based on three criterions, finding out that the model Ⅰ is better than model Ⅱ at present. In addition, the paper discusses possible effects of New EPS-Rule prescribed by CSRC to IPO Pricing.
出处
《中国软科学》
CSSCI
北大核心
2005年第2期34-39,共6页
China Soft Science
关键词
相对估价
变异系数
均值
标准差
relative evaluation
variability coefficient
mean
standard deviation
