新股发行主体行为和博弈分析

新股发行市场较小的市场厚度使得理论分析不仅要涉及一般的供给需求分析,还必须深入研究供给和需求的形成过程以及供求双方的相互作用。本文拟从博弈角度研究新股发行过程政府、发行公司、中介机构和投资者的行为特征和多主体博弈过程,分别从信息完全和信息不完全两个角度研究博弈过程和结果,以期对新股发行制度改革提供初步的理论分析基础。

Agent Behavior in Issuing New Stocks and its Game Analysis

The thinness of the market for issuance of new stocks forces the theoretical analysis to resort to not only the analysis of the general supply demand but also the thorough research on the formation of supply and demand as well as the interaction between supplying and requisitioning parties. This article intends to offer a preliminary theoretical basis for the reform of new stock issuing system by probing into the characteristics of the behaviors of government, issuing companies, intermediary organs and investors, and the game process of various agents and then studying the game process and result from the perspective of complete and incomplete information.