在高定价的情况下，诸多新股股价在上市首日便发生了“破发”，股价持续下跌，
给广大投资者带来巨大损失

本文为案例研究型论文，选取森马服饰 IPO 的案例，它是 2011 年上半年中小
板 IPO 定价最高、超募最多的上市公司。其发行价为 67 元，预计募集资金 20.56
亿，实际募集资金 46.9 亿，超募资金高达 26.34 亿

本文运用市盈率法对森马服饰发行价格高低进行估值分析，选取了美邦股份
为其可比公司，并同时与同行业的平均市盈率相对比，最终发现森马服饰的市盈
率远远高于可比公司和同行业平均水平，由此判定森马服饰的 IPO 定价过高。且
对募集资金的使用流向进行了调查和分析，发现高超募的资金大量处于闲置状态，
资金使用效率低下

另外，对森马服饰上市前后的财务状况进行了详细分析，发现上市前的财务
报表存在粉饰和包装的可能性，以使资产结构、经营业绩和预测的发展前景处于
良好状态。然而，上市后的财务状况出现了反转趋势。“三高”现象的普遍性促
使本文分析其存在的原因，并从制度、发行人以及监管机构方面提出了相关的建
议

本文可能的贡献在于，为未来新股发行制度的完善提供些许借鉴，为投资者
的投资选择提供参考

关键词：IPO，估值，高定价，“三高”ABSTRACT
II
ABSTRACT
Chinese Stock market is comprehensive. Some listed companies claim themselves
“rapidly growing”, making their own IPO high pricing, high P/E rating and high funds
raising, namely three “highs”. Attributed to the high pricings, many new shares break
their issuing prices in the first day and continuously slide, causing huge losses to stock
holders.
This article is a case study paper selecting Semir as IPO case, which is the highest
IPO pricing and most excessively funds raising listed company in the first half of 2011.
Its issued price is 67 yuan and was expected to raise 2.056 billion RMB, while its final
raise funds is 4.69 billion, exceeding 2.634 billion than planned.
This paper, using P/E ratio method, analyzes the IPO pricing level of Semir, and
selects Metersbonwe as its comparative, as well as compares the P/E ratio of Semir with
the clothing industry’s average P/E ratio, then finds that the P/E ratio of Semir is much
higher than that of Metersbonwe and the industry’s average and its IPO pricing is too
high. By investigating and analyzing the use of its raised funds, this paper finds that a
large number of funds is unused, the use of funds is inefficient.
This paper also analyzes the financial status of Semir before and after listing, finds
that Semir possibly faked its financial report before listing to make its development
seemingly prosperous. However, its financial report arises a reversal trend after listing.
This paper tries to explore the reasons of this situation and gives some suggestions to
the IPO systems, the stock issuers and the regulatory authority.
T The possible contribution of this paper is to provide some reference for the
improvement of future IPO systems and for investors’choices.
Key words: IPO, Valuation, High pricing, Three “highs”目录
III
目录
第一章 绪论.........1
1.1 选题背景 1
1.2 研究意义与思路 3
1.2.1 本文的研究意义 .3
1.2.2 本文的研究思路 .4
1.3 本文研究框架与结构 ....5
1.4 本文的创新 ........6
第二章 相关理论与文献综述.....7
2.1 股票价值理论模型研究 7
2.2 定价的相关假说与理论 8
2.3 关于定价影响因素的研究 ........9
2.3.1 国外相关研究 .....9
2.3.2 国内相关研究 ...11
2.4 IPO“三高”研究.........13
2.4.1 高定价研究 .......13
2.4.2 IPO 高超募研究.14
第三章 森马服饰介绍...17
3.1 森马服饰基本情况 ......17
3.2 森马服饰上市前股权结构 ......17
3.3 森马服饰上市前市场分析 ......19
3.3.1 国内市场状况 ...19
3.3.2 森马竞争性分析 ...........20
3.3 森马服饰 IPO 过程......21
3.3.1 定价机制简介 ...21
3.3.2 森马服饰定价过程 .......22
第四章 森马服饰 IPO“三高”案例分析........25
4.1 森马服饰高定价分析 ..25
4.1.1 各种估值方法介绍 .......25
4.1.2 选择 PE 法估值的原因 28
4.1.3 基于 PE 法的森马服饰 IPO 估值 ........29目录
IV
4.2 森马服饰高定价表现 ..........31
4.3 森马服饰高超募资金使用情况 ..........32
4.4 森马服饰“三高”上市前后财务分析...34
4.4.1 森马服饰上市前财务分析 .......34
4.4.2 森马服饰上市后财务分析 .......42
4.5 “三高”发行的危害 ..46
4.5.1 投资者损失 .......46
4.5.2 资源配置错位 ...46
4.5.3 削弱股票市场融资功能 ...........47
第五章 IPO“三高”原因探析......