IPO Pricing Theory and Mechanism under the Registration System

Wenjie Yin
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Abstract

When a firm makes an initial public offering (IPO) and qualifies for listing, it negotiates and determines a price with its underwriters for the public sale of its shares to specific or non-specific investors. This paper elaborates the theory of IPO price suppression through literature review and analysis, and also summarizes the IPO pricing mechanism. It helps to provide guidelines for the study of IPO pricing in China under the registration system environment and assists the regulators to further improve the relevant regulations.
注册制下的 IPO 定价理论与机制
企业在首次公开发行(IPO)并获得上市资格后,会与承销商协商并确定价格,向特定或非特定投资者公开出售股票。本文通过文献综述和分析,阐述了 IPO 抑价理论,并总结了 IPO 定价机制。它有助于为注册制环境下中国新股定价研究提供指引,并协助监管机构进一步完善相关法规。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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