摘要
该文以2002年到2010年3月在上交所A股市场发行上市的传统企业和高新技术企业为样本,比较研究了对两类企业IPO定价有显著影响的内外部因素。在此基础上建立两类企业IPO定价多因素模型。描述性统计结果表明,高新技术企业的研发能力、偿债能力、成长性优于传统企业;传统企业的周转能力优于高新技术企业。IPO定价多因素模型表明,对传统企业IPO价格有显著影响的因素是每股收益、发行股份和GDP增长率;对高新技术企业IPO价格有显著影响的因素是每股收益、GDP增长率、发行股份以及持有大专以上文凭人数占总劳动力比重。
Based on the sample of traditional and hi-tech listed companies in Shanghai Stock Exchange from 2002 to 2010,research on the internal and external determinants of the two types of companies＇IPO price is conducted and then established IPO pricing multifactor models respectively.The descriptive analysis indicates that averagely hi-tech companies are better than traditional in respect of RD,liquidity,leveraging and potential growth,but traditional companies are better than hi-tech regarding inventory and receivables turnover.The established IPO pricing multifactor models show that earnings per share,number of shares issued and GDP growth rate have significant impact on traditional companies＇IPO price.In terms of Hi-Tech companies,besides the above three factors,the percentage of employees with junior college diploma or above also has significant impact on IPO price.
出处
《科学技术与工程》
2010年第33期8347-8351,共5页
Science Technology and Engineering
