新股发行估值及其长期表现

Initial Public Offering Valuation and Long-Run Performance

文章选取2001年9月到2004年12月在沪深股市上市的225家IPO公司,采用企业价值评估中的市场法,研究了核准制度下"控制市盈率"阶段的IPO发行定价估值及其上市后的长期表现。研究结果表明:IPO公司的发行定价存在明显的低估现象;然而和国外传统理论相悖的是,从长期来看,IPO公司的市场表现不仅强于市场基准,还在很大程度上强于可比公司,一级市场的过低定价和二级市场的反应不足是造成这一现象的主要原因。

Based on the market method of enterprise value evaluation, this paper studies the relationship between the pri-cing of 225 IPO firms and its long-run performance during the period of controlling the price-earnings ratio in 2001. 9- 2004. 12. The empirical results show that the IPO have been underpriced ; however, contrary to the foreign traditional theo-ry ,overall, the IPO is not only stronger than the market benchmark in the long-run performance but also stronger than com-parable companies, this may be due to the two main factors of low pricing in the primary market and inadequate response in the secondary market.