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摘要我国在2009年10月推出了创业板市场，截止2014年底，共有406家公司在创业板上市。其中，有52家公司在上市首日就跌破发行价，首日破发的公司数占到总数的12.81%。虽然股票价格受多重因素的影响，但从长期来看，股票市场价格总是围绕着公司的内在价值变动的。因此，IPO发行定价应该和其内在价值相匹配，但是多家创业板公司上市首日就出现了破发，打破了“新股不败”的神话，这是否是因为一级市场定价过高偏离了公司的内在价值而导致的？在一级市场定价过高的情况下，二级市场又是否能够反映出新股合理的内在价值？30068
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在创业板新股大面积破发的背景下，本文意在探讨创业板首次发行上市中定价的合理性。一方面分析创业板市场中出现破发现象的新股IPO定价现状，并对影响IPO定价的内外因素进行总结。另一方面以天瑞仪器破发为例，通过剩余收益模型和可比公司模型计算股票的内在价值，并将估计的内在价值和股票的发行价格以及证券分析师给出的预测价格进行比较，以判断其一级市场定价是否合理，并分析二级市场的相关指标，探究投资者情绪对二级市场破发的影响。最后对创业板新股发行定价提出相关建议。
关键词 首次公开发行 破发 内在价值 剩余收益模型
毕业论文外文摘要
Title Analyst on the rationality of the GEM IPO pricing under the fall on debut background —based on Tianrui instrument case study
Abstract
In October 2009 in our country has launched the growth enterprise market, by the end of 2014, a total of 406 companies listed on the gem. Among them, there are just below the issue price, 52 companies in its debut on the first day break on the number of companies accounted for 12.81% of the total. Although the stock price is affected by multiple factors, but in the long run, the stock market price always changes around the company's intrinsic value. IPO pricing should, therefore, match and its intrinsic value, but there is more than the gem companies listed on the first day break, broke the story of the "new unbeaten", whether this is because the primary market priced off the company's intrinsic value and lead to? Priced in the primary market, secondary market and can reflect the intrinsic value of the reasonable?
In the gem new break under the background of large area, this paper is intended to explore the rationality of pricing in gem offering for the first time. On the one hand, analysis of break phenomenon appears in the growth enterprise market present situation, the new IPO pricing and to summarize the internal and external factors that affect the IPO pricing. Break on the other hand to tianrui instrument as an example, through the residual income model calculation model and the comparable company stock's intrinsic value, and to estimate the intrinsic value and stock price and given securities analysts forecast the price comparison, to determine whether the primary market pricing is reasonable, and analysis of the related indicators of the secondary market, to explore the influence of investor sentiment on the secondary market break. Finally put forward some proposals on the gem ipo pricing.
Keywords Initial public offering break The intrinsic value The residual income model
目次
1 绪论 1
1.1 研究背景及目的 1
1.2 国内外对IPO破发的相关研究 1
2 破发背景下创业板IPO定价现状及影响因素 3
2.1 破发背景下创业板IPO定价现状 3
2.2 影响IPO定价的相关因素分析 4
2.2.1市场行情因素 4