【作者】 周孝华； 杨秀苔； 杜俊涛；

【Author】 ZHOU Xiao-hua, YANG Xiu-tai,DU Jun-tao (College of Business Administraion, Chongqing University ,Chongqing 400044, China)

【机构】 重庆大学工商管理学院；

【摘要】 本文通过分析我国高科技企业生命周期及价值特征,提出了股权现金流及与其相关的财务指标,分析了这些指标在企业不同发展阶段中的变化特点。建立了适应证券发行核准制的股权现金流与股权资本成本为主要变量的高科技企业IPO定价分析模型,并进行了实证研究。研究表明模型体现了核准制下新股定价的投资阶值原则与市场化原则。更多还原

【Abstract】 In this paper, we analyze the life cycle and feature of value of high technology - baaed firms in our country and put forward some financial indexes,such as capital stock cash flow.We analyze these indexes "different traits in different developmental stage. We establish the IPO pricing model of high technology - based firms that adapt for the system of examination and approval in securities offering and research empiri cally. It is expounded that the model reflected the principles of investment value and market value.更多还原