分析师盈利预测和行业估值对IPO定价的影响  

The Influence of Analyst's Earning Forecast and Industry Evaluation Level on IPO Pricing

作　　者：陈健[1] 贾隽[1] 

机构地区：[1]西安工业大学经济管理学院,陕西西安710032

出　　处：《证券市场导报》2014年第7期15-20,共6页Securities Market Herald

基　　金：国家社会科学基金项目(编号:13BGL054);陕西省教育厅项目(编号:2013JK0186)资助]

摘　　要：新股IPO发行定价是重要的理论和现实问题。作者总结了前人对于IPO定价的主要方法和影响因素的研究,并根据两个时间段内,中小板和创业板共436家上市公司数据的实证分析,提出并验证了分析师盈利预测、行业市场估值水平和历史盈利增长对IPO发行市盈率具有显著正的影响。同时还验证了机构投资者偏好和公司规模对发行公司的发行市盈率有显著正的影响;而承销商的声誉、发行的融资规模对IPO发行市盈率没有显著影响。IPO pricing is an important theoretical and practical issue. The authors surveyed the early research on methods and factors of IPO pricing, and proposed that analyst＇s earning forecast and industry market valuation level are important factors for IPO pricing. Through empirical analysis on data of 436 listed companies of small board and GEM market in two periods, we demonstrated that analysts earning forecast, industry market valuation level and past earning growth rate have significant positive impacts on the price- earnings ratio （PE） oflPO issue. And institutional investors＇ preference and company size have significant positive impacts on the PE of IPO issue. However, reputations of underwriters and issue scale have no significant effects on the PE of IPO issue.

关 键 词：首次公开发行 分析师 盈利预测 行业市场估值 

分 类 号：F832.5[经济管理—金融学]