POSITIVE ANALYSIS:REFORM OF MARKETIZING ISSUE PRICING

Abstract

Abstract: After retrospecting the initial idea and the process of the reform of marketization, this paper gives a comparative analysis on new-issued stocks samples in different stages before and after the reform from three levels: issuing, listing and prices one year after listed. The outcome tells that the expected effectiveness isn't been seen.

Key words: reform of marketization, issue price, issue P/E ratio

摘要： 在回顾市场化改革的“初衷”及其过程的基础上,选择了涵盖改革前后及其不同阶段的新股为研究样本,就样本发行、上市以及上市后一年的价格水平进行了三个层次的比较分析。分析结果表明,发行定价的市场化改革没有取得预期的效果。

关键词: 市场化改革, 发行价格, 发行市盈率

CLC Number:

F830.91

GENG Jian-xin, ZHOU Fang. POSITIVE ANALYSIS:REFORM OF MARKETIZING ISSUE PRICING[J]. Economic Theory and Business Management, 2002, (11): 34-39.

耿建新, 周芳. 新股发行定价市场化改革实证研究[J]. 经济理论与经济管理, 2002, (11): 34-39.

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