摘要
鉴于创业板高科技公司的高成长性,引入人力资本系数概念可以求出机构投资者对高科技公司股票的预估价格。在引入回拨机制下,通过研究利益相关方利益最大化时的期望,从而推导出利益均衡时高科技公司股票IPO(首次公开发行)的一个价格模型。研究表明:IPO定价不仅与IPO公司资产价值相关,而且与发行费用等参数有关;IPO价格和抑价程度均是机构投资者内部估值的增函数。
In the view of the high-growth of high-tech companies in second board,institutional investors can find the estimate of the high-tech company＇s stock price after the introduction of the concept of human capital coefficient.Introduced by call-back mechanism,this paper studies to maximize the interests of stakeholders,and it can devives a IPO pricing model for high-tech companies.Studies have shown that IPO pricing will be not only related with the value of the firm,but also related with transcation cost and other parameters.IPO price and underpricing are an increasing function of the internal valuation.
出处
《统计与信息论坛》
CSSCI
2010年第11期46-50,共5页
Journal of Statistics and Information
基金
国家自然科学基金项目<基于核准制下的IPOS抑价
长期弱势与定价研究>(70473107)
关键词
高科技公司
人力资本系数
回拨机制
IPO定价
抑价
high-tech company
human capital coefficient
call-back mechanism
IPO pricing
underpricing
