搜索
176200212SouthChinaFinancialResearchVol.17,No.6DEC2002IPO(,518045):IPO,IPO,IPOIPO,,:IPO;;:F832.5:A:100825742(2002)20038206:2002-10-21:,,,,IPO(),;,;,,,IPO,20019,101100IPO,110,,,,,,,20011120028,54,337??54IPO,,IPO,IPOIPO,,()200111IPO200111IPO,:2001,A2200150019992001,,,200088169200111,,©1995-2003TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,IPO20,,,,():(1)IPO,IPO,IPO(2)IPO,IPO,,IPO,;,,(3)IPO,IPO(PE),,IPO,IPO()IPO::;:19992002;;:()IPO11IPOA,:A346381858961193810233500048815712767441643780200049193712787441645454,IPOIPO102335000,IPO1,IPO5000,3,1532.,IPO:%A3118H11333114817()15121171136619100102002926,:%A22117H8159B21403311652173()13160015166184100100936IPO©1995-2003TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,:(1)IPO33%,,;(2)4817%,413,24%;(3)IPO117%,IPO6,11%;(4),,5:10%(5)IPO47117%10128%2002,A43147%8,42%IPO,()IPO1.32002:20022001200019990115013601310123517519133191911711101110146--,,200201300138012911152113818182,:(1)200120020125801123,0113601082(2)5,2001200201540122,(3)(4),2002,,(5),19992002,2002,456.2%2318%-110%,2002,2002,21(1)2001(),011364,714%;IPO2002,;(2)2002(),0108211,2014%,20014;;(3)()6%,()6%;(4)H,()IPO111120,54:1913251919199815204200217©1995-2003TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.121952114754IPO1920,21147,12195,,200112,200120,200101079,3419421,:1143716811179274319974760128502441282554143%,IPO,,428%,,2815%,,-014732,,-0126670,31IPO,,--,,PE,Gor2donPE:PE=(1+g)/(r-g)r,;g(),,IPO,PE,,,IPO,199720013328IPOIPO,:(1);(2);(3);(4):,,IPO:(1)IPO,,(011787);(2)IPO,,IPO(012);(3),IPO1920,IPO(4)IPO:IPO=3,,IPO,146IPO©1995-2003TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.(013574),,,,,IPO,()IPO54IPO,,IPO:11,,,:,21IPO12,1,210,IPO,31IPO,21138%o,41IPO1920,143%IPO,,,()11IPO,;,21,A,,,IPO,31IPO,,,41,IPO,,,(),,,,,IPOIPO,,,,24200217©1995-2003TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,IPO,,,,,:,,,,,IPO,IPO,IPO,,IPO,,[1][],1[M]1:1[2]1[J]1,2001(12)1[3]AswathDamodaran,1[M]1:,JohnWiley&SonsInc.[4],1AIPO[]1,20011-09-121[5]CreditSuisseFirstBoston1()[N]1,2002-09-191[6]1[J]1,2002(5)1()AnanalysofthelatestchangesintheIPOmarketandtheinterrelatedpolicyHuDongmei(Dept.ofInvestmentBanking,ChinaSecuritiesCo.Ltd.,Shenzhen,Guangdong,518045)Abstract:ThisarticlecharcterizesthelatestchangesinChinasIPOmarketthroughstatisticaldemonstrationandanalysisofthosecompaniesthatnewlywentpublic.TheauthorpointsoutthatseriousproblemslieinmanyaspectsofthesecompaniesandtheirIPOpracticesuchasownershipstructure,financialquotaandIPOpricingpolicy.Finally,basedonthehypothesisthatChinasstockmarketisstillinefficient,someinstutionalsuggestionsinvolvingtheIPOpoliciesareoffered.KeyWords:IPO;IPOpricing;IPOpolicy346IPO©1995-2003TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.