摘要
对于新股的发行价格，给予一个合理的定价（简称IPO定价），在新股询价制执行开展了以后，重新引起了理论界以及实践界的重视。分析能够对IPO的定价产生作用的因素，能够帮助制定合理的IPO价格，能够帮助上市企业更好的获得想要筹集的资金，帮助投资者使用更为理性的投资方式，使得无论在何种市场中资本均可以得到不错的资源，让国内的证券市场能够稳定顺利的走向繁荣，无论是在理论的角度还是在实践的角度，都有着较大的意义。
IPO定价的基本理论被提出来以后，经过不断的发展完善，当前已经相对来说较为的成熟，而国外的在开展相关的实践的过程中，也取得了较好的效果，但是，在我国的应用情况却不如人意，造成这种问题的原因按一方面是因为对于相关的理论存在认识不足等问题，另一方面也是由于很多的上市企业在进行IPO定价的时候，所借助的方法并不适合。
在本文开展的分析中，将对我国股市在进行IPO定价事后能够产生作用的因素开展分析。将先借助定性的方法研究利益相关主体对IPO定价的互动影响过程，进一步利用因子分析的方法基于宏观以及微观两个方面分析有关的影响因素，分析出需要重视的微观以及宏观方面的因素，这能够帮助优化上市企业的IPO定价的措施，推动获得更高的定价效率，较好的对于各个方面的利益进行平衡，让资源得到较好的配置。
综上所述，本文分析了对于国内企业IPO定价产生作用的因素等问题。对新股发行定价的宏观和微观影响因素等问题都展开了相应的分析，也给出了相应具备建设性的研究结论，基于所给出的结论，也提出了部分针对IPO发行与定价制度完善的政策性提议。
本文的主要研究结论如下：
其一、给企业新股定价造成最大影响的依次是盈利能力、成长能力、偿债能力以及周转能力。
其二、不管是什么行业，对新股产生最大的作用的是企业的盈利能力。至于第二至第四的影响因素会由于所处行业的差异而有所区别，但从总的来看，成长、偿债、营运以及周转等能力都各自会占据相对重要的影响作用。
其三、不管是东部地区、西部地区亦或是中部地区，给新股发行定价造成最大影响的都是是盈利能力。而就东部地区来看，影响其次的依次是成长能力、营运能力以及偿债能力。而就西部地区来看，影响其次的依次是成长能力、偿债能力以及营运能力。而就中部地区来看，影响其次的依次是营运能力、成长能力以及周转能力。
其四、基于实证研究结果和国外新股发行定价机制的经验基础，笔者觉得国内想要健全新股发行的定价机制，就需要相应地对证券市场进行改进与革新；更进一步地拓展公司债市场，建立起统一场外市场；发展发行方式改革的设想；健全股票定价发行方式；完备上市公司新股定价内部管理效果。
关键词：新股发行；定价；宏观因素；微观因素
Abstract
To develop a reasonable IPO price (referred to as IPO pricing), along with the introduction of new shares inquiry system, its re-induced the theoretical and practical attention. Analysis of factors that can affect the pricing of the IPO can help to establish a reasonable IPO pricing, to help listed companies to successfully get a better amount of funds to help investors take a more rational investment behavior, so that capital at the level and Secondary market access to better allocation, and promote the development of the entire securities market, has a very important theoretical significance and practical significance.
IPO pricing after the basic theory, after decades of development, the current has been relatively more perfect, and abroad in the relevant practice of the process, but also achieved good results, but in our country but Did not get a better application, the cause of this problem on the one hand because of the lack of understanding of the relevant theory and other issues, on the other hand is due to a lot of listed companies in the IPO pricing, the method is not used Suitable for.
In this study, we will analyze the factors that affect the IPO price of China's stock market. The method of further interest factor analysis is based on the macro and micro analysis of the influencing factors, and it is necessary to analyze the micro and macroscopic factors that need to be paid attention to. Optimize the IPO pricing of listed companies, to promote higher pricing efficiency, better balance the interests of the stakeholders, so that the resources are better configured.
In summary, this paper studies the domestic enterprises IPO pricing factors such as the corresponding issues. This paper analyzes the macro-influencing factors and the micro-influencing factors of IPO pricing, and gives the corresponding constructive conclusions. Based on the conclusions given, it also puts forward some suggestions on IPO issuance and pricing system Perfect policy proposal.
The main conclusions of this paper are as follows:
First, to the new shares of enterprises to maximize the impact of the impact of profitability, growth capacity, solvency and turnover capacity.
Second, no matter what industry, the biggest impact on the new shares are attributable to the profitability of enterprises. As for the second to fourth influencing factors will be different due to differences in the industry, but in general terms, growth capacity, solvency, operational capacity and turnover capacity will each occupy a relatively important impact.
Third, whether it is the eastern region, the western region or the central region, to the pricing of new shares caused by the greatest impact are profitability. In the case of the eastern region, the second is the growth ability, the operational capacity and the solvency. While the western region, the impact of followed by growth capa
