摘要
定价是证券市场的核心问题,创业板市场IPO定价方式不同于主板市场。出于对创业板市场高成长性的期待,会对创业板市场IPO定价增加较高的风险期权定价,形成了创业板的高市盈率。通过实证检验,证明创业板市场对主板市场存在一定的引导作用,创业板市场IPO定价方式中对企业高成长性的估值认可,会引导投资者对上市企业高成长性的重视,提升证券市场对上市企业创新能力的要求,最终推动实体经济的创新发展。
Pricing is the core of the stock market,way of IPO pricing of the second board market is different from the main board market.Because of the second board market of high growth,investor increase the higher risk options pricing on the second board market ipo pricing.The higher risk options pricing bring forth Higher price-earnings ratio of the second board market.Positive analysis show the second board market can guide the main board market now.The second board market IPO pricing approve the estimate value of enterprises high growth,it will lead to investor pay attention to high growth of listed enterprises,and promote innovation ability of listed enterprises,push forward innovative development of the real economy in the end.
出处
《郑州航空工业管理学院学报》
2012年第2期105-111,共7页
Journal of Zhengzhou University of Aeronautics
基金
教育部规划基金资助项目(11YJA790206)
中南财经政法大学研究生教育创新基金资助项目(2010B0402)
关键词
创业板
IPO定价
高成长性
创新发展
second board market
IPO pricing
high growth
innovation development
