估价模型对新股估价的比较分析

A Comparative Study of the Valuation Models on the IPO Valuation

新股估价是资本市场的一个重要课题,国内缺乏对各种估价模型在我国应用的适用性分析,亦缺乏将估价模型应用到新股定价中来的研究。以1996年以来上市的新股为样本,研究剩余收益模型和相对估价模型在实际应用中的无偏性和有效性。研究结果表明,相对估价模型对新股的估价更能反应新股的预期市场价值,估价精确性和有效性较高。

IPO valuation is an important topic in the capital market, but in China there is little analysis of the applicability of various valuation models used, and few people studied the application of the valuation model to the IPO valuation. This paper uses the IPO firms since 1996 as the sample, and investigates the unbiasedness and effectiveness of the Residual Income Model and the Relative Valuation Model in practical application. The results show that the valuation of the Relative Valuation Model better reflect the expected market value of the new shares with higher valuation accuracy and validity.