影响ipo定价的因素分析

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1、影响IPO定价的因素分析一、变量选择与模型设定我们选择2001年1月—11月间在沪、深A股上市的新股中的69家上市公司为样本，以新股上市价格作为模型中的被解释变量Y，分别以上市公司所处行业市场平均市盈率、公司发行总股本、流通股、1999年的每股收益、2000年的每股收益、2000年末的每股净资产为模型的解释变量X1、X2、X3、X4、X5、X6，构造了一个新股上市定位的计量经济模型，借以描述新股上市定价的各个影响因素及它们之间的关系，为新股的定价提供参考依据。下表为69个样本的具体变量数据序号证券代码　股本结构两年业绩（每股收益）2000年末每股净资产（元）发行价格（元）

2、市盈率（倍）总股本（万股）流通股（万股）1999年（元）2000年（元）　　YX1X2X3X4X5X6160030911.2851.5138400.000012800.00000.420.41.9126004007.4028.3517952.00005000.00000.310.373.5136003696.1834.3317230.00007000.00000.090.113.3246003897.0031.8018000.00004800.00000.250.182.5356003786.5840.1219557.33917605.00000.160.072.1366

3、0039014.9946.8410670.00004000.00000.290.156.5476003657.0849.1714000.00006000.00000.110.073.7586003266.8826.0618000.00007200.00000.240.172.196003774.2035.90503775.000015000.00000.160.162.7106003308.9945.0022947.00006000.00000.30.282.55116003825.5039.2817087.00006000.00000.190.212.931260031

4、36.3053.0025220.00008000.00000.02-0.322.56136003329.8050.8481090.00007800.00000.180.22.82146003057.1029.2812715.00004000.00000.190.2231560003715.5038.6735100.000010400.00000.530.434.92166000336.6626.4382200.000024000.00000.320.383.761760046610.2536.7912740.00005000.00000.230.195.111860038

5、69.9235.8125200.00008000.00000.280.484.611960031212.4540.1631195.000010200.00000.240.254.94206005587.5034.7212000.00004500.00000.210.243.94216003108.8035.2015675.00004500.00000.380.43.84226005509.1040.8033000.00009000.00000.20.12.64236003356.0021.4311662.86003500.00000.02-0.322.4224600250

6、8.1222.7519899.42008250.00000.310.365.06256000105.1818.50125000.000035000.00000.210.242.872660037610.4028.0517320.00006400.00000.440.383.93276003159.1834.2827000.00008000.00000.270.284.09-9-2860051812.5730.837080.00001800.00000.410.625.532960036712.6624.3518200.00005460.00000.80.735.08306

7、003199.2034.0731559.40008000.00000.190.153.18316003839.4231.2027000.00009000.00000.440.514.98326003567.0922.8714000.00004000.00000.330.343.77336003815.6835.5011000.00003500.00000.180.193.08346005689.7041.457286.00003500.00000.190.156.13560058836.6864.3512000.0000300