新股上市价格的影响因素研究分析

Research and Analysis on the Influencing Factors of the Listing Price of New Shares

摘要: 新股的发行价格对市场有着重要意义，研究新股的发行价格可以为新股定价提供依据。本文选取我国2018年A股上市的50只股票作为研究对象，从定性分析和定量分析两方面对新股定价问题进行研究，将定性分析的四大类影响因素量化后转化为七个定量因素，并由此建立多元线性模型。模型表明新股发行价格可由发行市盈率、每股收益、发行前每股净资产来解释。最后用模型进行了样本内和样本外预测，模型结果较好。

Abstract: The issue price of new shares is of great significance to the market. Studying the issue price of new shares can provide a basis for the pricing of new shares. This paper selects 50 stocks listed in China A-sharemarket in 2018 as the research object, we study the issue of the price of new shares from qualitative analysis and quantitative analysis, then quantify the four categories of influencing factors in qualitative analysis and convert them into seven quantitative factors, and then establish a multivariate linear model. The model shows that the issue price of new shares can be explained by the issue price-earnings ratio, earnings per share, and net assets per share before the issue. Finally, the model is used for in-sample and out-of-sample prediction, and the model results are better.