Zuo Xiaolei'S Analysis Of So-Called IPO Phobia

< p > IPO as supplier, we should fully disclose relevant information, especially risk information. Investors need to weigh two risks as demand side, one is the issuer's risk, the other two is the risk it can bear, and then decides whether to invest or not.

In principle, because the risk tolerance of the demand side is different, the investment decision and investment behavior should be different. Some of them may withdraw from the investment activity of the stock, decide the demand of investment become the actual demand, and form the stock price with the IPO supply.

Because the risk of each IPO stock is different, the risk side affordability of the demand side is also different, so the IPO stock price can not rise unsuspense or even fail.

< a href= "//www.sjfzxm.com/news/index_c.asp" > stock price < /a > is the symmetry of risk information of both sides of supply and demand, thus adjusting the change of supply and investment demand.

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< p > to go out of the a href= "//www.sjfzxm.com/news/index_c.asp" > IPO < /a > increasing the stock supply, leading to the misunderstanding of the supply and demand pricing of the stock index falling, we need to make effective institutional arrangements for the risk pricing mechanism of the capital market.

First of all, formulating the truthful, accurate and complete information disclosure rules of issuers, especially the disclosure of risks, can not just list risk points as they used to. They must be asked to give an index judgement on the possible impact of future business and earnings.

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< p > secondly, we should strengthen the punishment provisions of issuers, accounting firms, law firms and sponsor consignees who concealed risks in the process of issuing < a href= "//www.sjfzxm.com/news/index_c.asp" > Listing < /a >.

In the process of stock issuance, issuers and intermediaries are interested parties. If there is no strict punishment system for violation of laws and regulations, relying solely on the self-discipline of the so-called practitioners, it is difficult to restrain performance fraud, hide risks and destroy risks.

Therefore, after restarting IPO, we need to synchronize some of the past penalties for violations.

In particular, we should strengthen the enforcement of law to prevent the spread of false information disclosure and other illegal activities, and avoid IPO restarting the mistakes.

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At the same time, it is necessary to change the irrational herding effect brought about by IPO's listing price by changing the demand side blindly playing the new shares, and should return to the basic principles of investment decision making in risk pricing.

If the demand side can make full use of the so-called pre disclosure system, truly independently judge the issuer's profitability, investment value and operational risk, and rationally assess their risk tolerance, the investment decisions of new shares may be divided.

Investors with high risk bearing capacity may challenge high-risk new shares, and investors with less risk tolerance will choose more moderate risk new shares.

Following the independent pricing policy and investment behavior of risk pricing principle, the information will be more symmetrical, the effectiveness of the market will be strengthened, the stock price will be more reasonable, and the effect of the optimal allocation of resources will appear.

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