累计投标询价机制下的IPOs定价及实证分析

通过回顾累计投标询价机制下IPOs定价的相关文献,并对IPOs发行过程中发行公司与机构投资者、中小投资者三方在利益最大化之间进行博弈,求解发行公司的IPOs策略及价格确定过程,在此基础上,进行实证分析。结果表明:我国在累计投标询价机制下发行股票的发行价格除了反映了发行公司股票的内在价值外,还反应了二级市场实际供求关系等外部综合影响因素。

IPOs Pricing and Emperical Analysis under Bookbuilding System

This paper at first gives a general literature review of works on the IPOs pricing under book building system.Then it tries to game amid the issuing companies, institutional investors,and small and medium investors in the process of interests maximizing during IPOs,so as to find out the IPOs strategy and pricing process of the issuing companies.Last but not least,the paper used empirical analysis,whose results show that the issuing price of stocks under book building system reflected the intrinsic value of the issuing companies,as well as some external factors such as the impact of actual supply and demand in the secondary market.