创业板上市公司的内在价值与IPO定价效率  

Intrinsic Value and IPO Pricing of Listed Companies in GEM

作　　者：张剑峰[1] 于健[2] 

机构地区：[1]沈阳大学工商管理学院,辽宁沈阳110041 [2]辽宁大学商学院,辽宁沈阳110136

出　　处：《沈阳大学学报（社会科学版）》2012年第6期20-23,共4页Journal of Shenyang University:Social Science

基　　金：辽宁省教育厅课题(W2010169)

摘　　要：以创业板首批28家上市公司为研究样本,选择修正的F-O模型,利用上市公司的实际盈利数据和分析预测数据,对上市公司IPO定价前的内在价值进行测算,据此分析创业板上市公司IPO定价的效率。研究结果发现,样本创业板上市公司的IPO价格高于其内在价值50%以上,创业板IPO市场存在明显的溢价发行现象。该研究结论对于提高我国创业板IPO市场的定价效率具有重要的理论价值和现实意义。The first 28 listed companies in growth enterprise market （GEM） were chosen as samples, the modified F-O model is selected to calculate the inherent value of listed companies by the real earnings data and forecasting data, in order to analyze the efficiency of IPO pricing of listed companies in GEM. The results show that the IPO pricing of listed companies in GEM was 50~ more than the intrinsic value, the IPO pricing in GEM has obvious premium features. The conclusions can improve IPO pricing efficiency in GEM which have important theoretical value and practical signi{icance.

关 键 词：创业板上市公司 内在价值 IPO定价 

分 类 号：F830.91[经济管理—金融学]