新兴市场的IPO估值——对伊朗的研究

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Hanieh Hekmat, A. Rahmani, H. Yazdifar
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引用次数: 1

摘要

目的本研究旨在强调伊朗伊斯兰共和国新兴市场IPO估值方法的准确性、性能和选择。设计/方法/方法作者根据从估值机构获得的IPO前数据集进行了准确的事前评估。本研究通过相关性、Mann–Whitney U检验和回归分析考虑了估值方法,使用了2017年1月至2021年3月的83家IPO样本。结果发现,股息贴现模型(DDM)在伊朗最受欢迎。即使在控制了公司特征和市场环境之后,IPO价格也与IPO前报告的估计高度相关。结果表明,企业的年龄、规模和盈利能力影响了估值方法的选择。在动荡的市场中,估价师没有采用远期市盈率。企业规模影响了分配给企业的自由现金流的权重,估价师考虑了资产到位强度来确定DDM、P/E和资产净值的权重,他们主要使用P/E来评估旧企业。最后,本研究估计IPO前报告的准确性为61%,并发现最高的准确性与DDM有关。创意/价值新兴市场的IPO定价构成了比发达市场更严重的困境。本文提供了IPO定价的经验证据,重点是新兴市场伊朗伊斯兰共和国的估值方法。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
IPO valuation in an emerging market – a study in Iran
Purpose This study aims to highlight the accuracy, performance and selection of the IPO valuation methods in the Islamic Republic of Iran’s emerging market. Design/methodology/approach The authors performed accurate ex ante evaluations based on a pre-IPO data set obtained from valuation institutions. This study considered valuation methods through correlations, Mann–Whitney U tests and regression analysis, using a sample of 83 IPOs from January 2017 to March 2021. Findings The authors found that the dividend discount model (DDM) was the most popular in Iran. Even after controlling firm characteristics and market circumstances, the IPO price was highly correlated to pre-IPO reports’ estimates. The results showed that firms’ age, size and profitability affected the selection of valuation methods. The valuers did not apply forward P/E in a volatile market. Firm size affected the weights assigned to free cash flow to the firm, and the valuers considered the asset-in-place intensity to determine the weights of DDM, P/E and net asset value, and they mainly used the P/E to value old firms. Finally, this study estimated the accuracy of the pre-IPO report at 61% and found the highest accuracy to be associated with DDM. Originality/value IPO pricing in emerging markets constitutes a more significant dilemma than in developed markets. This paper provides empirical evidence of IPO pricing focusing on valuation methods used in the context of an emerging market – the Islamic Republic of Iran.
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来源期刊
CiteScore
5.40
自引率
10.00%
发文量
45
期刊介绍: The International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) publishes quality and in-depth analysis on current issues within Islamic and Middle Eastern finance and management. The journal welcomes strong evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The title is also keen to consider work from emerging authors. IMEFM has just also accepted into Clarivate''s SSCI in 2018, and its IF will be available in summer 2019, with citations dating from 2016. The coverage includes but is not limited to: -Islamic finance: Fundamentals, trends and opportunities in Islamic Finance, Islamic banking and financial markets, Risk management, Corporate finance, Investment strategy, Islamic social finance, Financial planning, Housing finance, Legal and regulatory issues, -Islamic management: Corporate governance, Customer relationship management and service quality, Business ethics and corporate social responsibility, Management styles and strategies in Shariah environments, Labour and welfare economics, Political economy. The journal is the only title aiming to give an interdisciplinary and holistic view on Islamic finance and business management practices in order to inform these two intertwined communities.
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