发行价格

第三章是我国的IPO发行价格分析。

Analysis on IPO in China is brought forward in the third chapter .

制定合理的新股发行价格（简称IPO定价），已成为理论界和实务界最关注的热点。

The pricing of IPOs has become one focus in the current theory and the practicing field .

嘉能可预计将在5月19日前后确定其ipo发行价格，并于其后数日上市。

Glencore expects to price its IPO around May 19 , becoming a public company a few days later .

相似的，发行价格因子（PRC）与初始投资收益率因子（IR）与长期股票收益率之间呈现出负的相关性。

Similarly , there is a negative relation between the buy-and-hold return and the offering price factor and the initial return factor .

IPO是私募股权退出投资实现收益的重要方式，私募基金的投资对于企业IPO发行价格有着重要的影响。

Initial public offering ( IPO ) is the most important way for private equity fund to withdraw from the investment and realize their profit .

我国IPO询价制度实施效果研究询价制度下新股发行价格有偏调整特征实证研究

On Validity of IPO Price Seeking System in China An Empirical Study on the Phenomenon of " Partial Adjustment " of Chinese New Stocks Issued by Book-building Method

在IPO的整个环节中，定价是最核心的问题，IPO定价是否合理决定着股票发行价格是否能体现其真实价值。

In the course of IPO , pricing is the core sector . Whether the offer price reflects the real value depends on whether the IPO price is reasonable .

然而，在那之后，有关中国企业会计操作的问题一直困扰着市场，导致多个中国公司赴美IPO计划推迟，或发行价格远低于发行区间。

Since then , however , questions about the accounting of Chinese companies have haunted the market , leading several US IPOs to postpone or price well below range .

IPO折价是指股票的发行价格低于上市首日价格，从而产生正的初始回报的现象。

IPO ( Initial public offerings ) underpricing refers to the phenomenon that the issue price is lower than the first-day market closing price , which brings the positive initial returns .

之后，针对如何减少创业板超募现象，本文提出一些政策建议，旨在提高IPO定价效率，促使IPO发行价格更加趋于合理。

Later , as reducing the excess funds raised , the paper proposed some policy suggestions , aiming to improve the IPO pricing efficiency and prompt the IPO price more reasonable .

IPO抑价现象是指股票的发行价格低于上市首日收盘价格，使认购IPO股票的投资者能够获得超常的收益率。

IPO underpricing means the issue price of a stock lower than its closing price listed on the first day , thus investors to subscribe for IPO shares obtain extraordinary returns .

不过Facebook近来在股市的表现非常低迷，股价已经相较发行价格暴跌了22个百分点，因此Facebook很可能更迫切地采用这种广告来赚钱。

The company said it does not break down how much revenue comes from such ads. its early stock market performance down 22 percent from its offering price is likely to increase the urgency .

IPO抑价指股票发行价格显著低于新股上市首日的收盘价格，因此认购新股的投资者能够通过一二级市场的价差获得超额收益。

IPO underpricing refers to the stock issue price significantly lower than the IPO first day closing price , investors can subscribe for new shares through a secondary market spreads for excess income .

此发行价格显示了投资者对社交网络公司的投资欲望非常强烈，并使LinkedIn此次IPO的募资规模达到3.528亿美元，而该公司的IPO市值则为42.5亿美元。

That price , which shows strong investor appetite for social networking companies , raises $ 352.8 million for LinkedIn and places the valuation of the company at $ 4.25 billion .

世界各地的股票市场普遍存在着这么一个现象：IPO股票在首日上市当天的收盘价格显著大于其发行价格。

Stock markets around the world there is such a common phenomenon : IPO shares listed on the first day of the closing price of the day was significantly greater than the issue price .

由于IPO抑价程度是把一级市场的发行价格和二级市场交易价格相比较的结果，因此必须考虑到作为比较标准的二级市场价格是否合理这一重要问题。

Because the degree of under-pricing is the result of comparing the offering price in the first market with the transaction price in the second price , so we must consider if the price in the second market is rational .

国内外大量研究表明，IPO公司为了满足上市条件和以更高的发行价格募集到更多的资金，利用与证券监管部门之间存在的信息不对称以及契约不完备，进行盈余管理。

Many studies show that domestic and foreign , IPO market conditions and the company to meet a higher offering price to raise more funds , and securities regulatory authorities by the asymmetric information between and incomplete contract , the earnings management .

通常IPO股票上市首日的收盘价要远远高于其招股发行价格，使得IPO的投资者能够获得超过正常收益的投资收益率，这就是所谓的股票IPO抑价。

Usually the closing price of IPO on the open market for the first time is far higher than its issue price , which makes the investors who subscribe IPO able to acquire a paranormal rate of return , and this is so - called IPO underpricing .

主流观点都是从盈余管理的角度来解释IPO效应，认为拟上市企业的管理层为获得更高的发行价格和增加自身财富就会操纵企业上市前经营业绩，从而造成上市后业绩的下降。

The mainstream studies usually explain IPO effect from the perspective of earnings management . These studies believe that to obtain a higher issue price and increase their own wealth , the management of the company to be listed may manipulate the business performance of the company .

西班牙国家银行（bancosantander）最近在巴西进行了创记录的ipo发行价格即使不比纽约更高，至少也是一样部分原因在于，有大量的资金聚集在巴西。

And in Brazil , Banco Santander recently conducted a record IPO , at a price that was as good , if not better , than anything that might have been seen in New York , partly be-cause there is so much money swirling around Brazil .

噪音交易者情绪越高，发行价格越高。

The higher noise trader sentiments , the higher the offering price .

每股的票面金额和发行价格；

The value and issuing price of each share ;

现在其交易价格比其首次发行价格高出30%左右。

It 's now trading about 30 % higher than when it first launched .

因此，发行价格是在承销费和价格支持成本之间的权衡。

So the offering price is the trade-off between underwriting fee and price supporting cost .

提高股票发行价格，降低股票融资成本，提高股票融资效率；

Increasing the stock issue price , reducing the stock financing cost , enhancing the stock financingefficiency ;

究其原因，在于新股供求的严重失衡使这个以市场化名义形成的发行价格并非真正的市场价格。

The reason is that this issuing price denominated in market-oriented price is not the real market-oriented price .

询价制度下新股发行价格有偏调整特征实证研究

An Empirical Study on the Phenomenon of " Partial Adjustment " of Chinese New Stocks Issued by Book-building Method

上市前为提高发行价格对财务报表进行粉饰；

For example , the managers color financial reporting in order to enhance issuing price before coming into the market ;

而发行价格比市场发行均价稍高些的新股的中长期收益相对较高。

But an IPO with a little higher issue price than average may obtain a higher medium and long return .

因此，发行价格的任何折价都成为全部筹资业务的“额外成本”。

Thus , any discount in the issuance price becomes an " extra cost " in the overall borrowing transaction .