我国A股市场IPO定价影响因素的实证分析

本文以实行询价制后沪深两市首次公开发行的A股为研究对象．选取2005年1月到2007年8月的144家发行新股的公司作为样本，搜集了它们新股上市前披露的公开信息、大盘运行状况以及行业特性等资料，建立起较为完整的指标体系，使用因子分析、逐步回归等方法构建了IPO定价的多因素模型，并据之判断IPO定价的影响因素。研究发现．财务状况、经营成果、新股发行数量、行业特性以及大盘风险等因素对IPO定价有较为重要的影响。

Empirical Analysis Influencing Factors of A-share Market IPO Pricing in China

This article investigates the A-share＇s IPO in Shanghai and Shenzhen stock markets after book-building mechanism. The sample includes 144 companies issuing new shares during the period from Jan 2005 to Aug 2007. This article collects the public information before IPO, stock index, industrial characters and so on. After building the index system, this article treats with the index using factor analysis to avoid muhicolinearity. When seven factors are computed, we establish a muhifactor model employing stepwise regression to examine the factors. This research indicates that IPO pricing is influenced by several factors. The fluctuation of stock index, industrial characters and the factors reflecting corporation finance and management have important influences on the IPO pricing of samples; but the gap between provinces, reputation of underwriters and boom of stock index have no distinct influences.