| 公司治理、可保证收入对IPO定价的影响 |
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| 引用本文： | 周孝华,张光胜,刘星.公司治理、可保证收入对IPO定价的影响[J].山西财经大学学报,2004,26(5):114-118. |
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| 作者姓名： | 周孝华 张光胜 刘星 |
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| 作者单位： | 重庆大学,经济与工商管理学院,重庆,400044 |
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| 基金项目： | 国家自然科学基金资助项目(批准号:70372041) |
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| 摘 要： | 在IPO定价中,发行人良好的治理结构向外部投资者传递着公司重要的利好信息。在Holmstrom和Tirole的道德风险模型的基础上,结合外部投资者与原始股东的股权利益要求,分析公司治理变量与IPO发行规模及定价的理论关系,可建立公司治理影响下的IPO发行规模及定价模型。
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| 关 键 词： | IPO发行定价 公司治理 可保证收入 |
| 文章编号： | 1007-9556(2004)05-0114-05 |
| 修稿时间： | 2004年8月5日 |
A Study on the Impact of Corporate Governance and Assured Income on IPO Pricing |
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| ZHOU Xiao-hua,ZHANG Guang-sheng,LIU Xing.A Study on the Impact of Corporate Governance and Assured Income on IPO Pricing[J].Journal of Shanxi Finance and Economics University,2004,26(5):114-118. |
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| Authors: | ZHOU Xiao-hua ZHANG Guang-sheng LIU Xing |
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| Abstract: | The healthy corporate governance structure disclosed at IPO may convey a strong promise of investment yield to potential investors. Using the moral hazard model of Holmstrom and Tirole and combining the equity benefit interest of the stockholders, the paper explores the theoretical relationship between corporate governance variables and IPO pricing and then establishes the model for the IPO issuance volume and pricing under relevant governance framework, thus throwing light on the impact of choices by the initial investors who are in pursuit of equity interest maximization and the public investors who are typically rational. |
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| Keywords: | IPO pricing corporate governance assured income |
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