IPO定价与抑价发行治理

创业板开闸以来出现高市盈率、高发行价、高超募和高抑价率并存现象，对新股发行制度改革尤其是IPO定价效率提出了新的要求。本文通过IPO定价与股票估值之间固有区别的比较，提出了一个更为实用的估价函数，根据平价发行条件得出一个以发行前每股净值、发行比例、EPS和EPS增长率为因子的平价定价模型。必然抑价点的存在，证明特殊市场条件下以行政指导定价和市场自由化定价对抑价发行治理完全无效。进而指出治理IPO抑价是一个需要恰当制度安排、通过市场机制作用对投资情绪进行纠正、引导和培育的长期过程，并给出IPO定价市场化和合理化的几点建议。

Dealing with Under-pricing:the Marketization and Rationalization of the IPO Pricing System

Since the release of Growth Enterprise Market （GEM）, problems of high PE, high issuing price, and high under-pricing ratio, as well as super raise funds has imposed new challenges on IPO system. In this essay, via the comparison between IPO pricing and the stock valuation, we promote a more practical price-evaluation model- Fair Pricing Model. The existence of dead under-pricing point confirms the inefficiency of governing under-pricing by administrative conductions and free market mechanism under a certain market condition. Furthermore, we point out the governing of IPO under-pricing is a long-term process which should be directed by appropriate policies, carried out by the market mechanism to correct, to lead, and to cultivate the market sentiment. Finally, we present several pieces of suggestions on how to manage a market-oriented and rational IPO pricing procedure