中小企业股票市场化发行定价研究  

Pricing of Small and Medium Enterprises under IPO Market-pricing Policy

作　　者：谢冰[1] 戴盛[1] 谢科范[1] 

机构地区：[1]武汉理工大学管理学院,湖北武汉430070

出　　处：《系统工程》2004年第12期72-76,共5页Systems Engineering

基　　金：国家自然科学基金资助项目(70273033)

摘　　要：采用遗传算法辅助选择合适的倒传递神经网络进行中小企业股票上市首日价格的演算,其演算结果与实际价格较为吻合,验证了该方法的有效性,为在不久的未来完全市场化股票发行方式下对于股票发行价格的确定提供了新的方法。Unlike traditional fixed-EPS-ratio pricing of IPO, under forthcoming IPO market-pricing policy the first-day (price) of investors' expectation will dramatically influence IPO price, the market price expectation will become an important factor of IPO pricing. This essay combines the Genetic Algorithm(GA) and Back Propagation Neural Network(BPNN) to forecast the SMEs first-day market price after their IPO which takes stock market atmosphere, company's financial (competence) and share of offering all into consideration. The empirical results produced by BPNN approve its effectiveness, and gives a new method to IPO pricing in the forthcoming Market-pricing policy.

关 键 词：中小企业股票发行 市场化定价 神经网络 遗传算法 

分 类 号：F830.91[经济管理—金融学]