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The Study of IPO’s Inquiry System

Author ZhuangWeiYi
Tutor YangChaoJun
School Shanghai Jiaotong University
Course Financial
Keywords IPO price the issue of pricing system marketdevelopment process Loopholes in the system andcorrection
Type Master's thesis
Year 2013
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Scale of A-share financing since2006as one of the emerging marketsof China’s securities market has never been less than100billion yuan in2010, the Chinese IPO market hit347initiated by the number of firms,raising$4,911billion in History. The explosive growth of China isgradually becoming the largest global financing market. The number offirms from the market point of view, the the2009IPO number ofenterprises has exceeded the United States, Western Europe, Japan andother developed areas, the scale of financing is also among the highest inthe world; including the then Chinese companies listed overseas this factorinto China level the importance of the market is self-evident.However, the size of the IPO market in China is increasing, the IPO marketpreached the characteristics of high issue price, high price-earnings ratioand superb raised the ratio of IPO3months after the yield is lower than thesame period in the performance of the industry, investors are unwilling tolong-term holders of the new shares to obtain excess returns, butcontributed to the short-term speculative behavior of the new shares. Socarefully studied problems led to China’s IPO price reasons, and for thesereasons the methods and measures to improve the existing system isparticularly important.This paper introduces in detail the domestic and foreign IPO system,pricing system and market development course, and its comparativeanalysis. Not only from the comparison of the IPO pricing system to findout the loopholes in the system lead to long-term Offerings in China issuedat a premium to the price of new shares, but also from the perspective ofthe overall course of development of the capital market were analyzed.Finally, from the results of the analysis, a systematic suggestions andmeasures to improve China’s IPO price problem.

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