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商业银行上市早已是国外成熟证券市场上的一种普遍现象,金融板块的形成无论对证券市场、资本市场,还是对整个银行业而言都具有积极作用。特别是对于我国,商业银行在整个国民经济的运行中起着至关重要的作用。商业银行 IPO 定价是商业银行上市的关键。IPO 定价问题是国际金融界公认的最具迷惑性的难题之一。在完全市场化的条件下,给股票定价大致可以分为两个部分,一是利用模型或数量分析确定上市公司价值;二是通过选择合适的发售机制来确定影响价格的因素如市场需求情况,以最终确定价格。两者的有机结合才能实现成功的定价。成功的 IPO 定价是准备上市的公司能够以投资者可容忍的最高价格顺利发行,而发行失败或以过低价格发行则意味着定价的失败。对于商业银行这类特殊企业,其 IPO 定价问题与一般的企业或股票的 IPO 定价因其行业的特殊性会有所不同。
The listing of commercial banks has long been a common phenomenon in mature foreign securities markets. The formation of financial sector plays an active role in the securities market, capital market and the entire banking industry. Especially for our country, commercial banks play a crucial role in the operation of the entire national economy. Commercial banks IPO pricing is the key to commercial banks. IPO pricing is recognized by the international financial community, one of the most confusing problems. Under the conditions of complete marketization, the pricing of a stock can be roughly divided into two parts. One is to determine the value of a listed company by using a model or a quantitative analysis. The other is to determine the factors that affect the price by selecting an appropriate sales mechanism, such as market demand, To finalize the price. The combination of the two can be successful in pricing. A successful IPO pricing is that companies that are going public will be able to successfully issue at the highest price investors can tolerate, while a failed or under-priced issuance will mean a failed pricing. For such special enterprises as commercial banks, the issue of IPO pricing may be different from the IPO pricing of ordinary companies or stocks due to the particularity of their industries.