IPO限额配给机制探讨：一个基于股权结构的分析

在所有权与控制权分离或部分分离的情况下，公司内部会出现代理问题．公司在上市之初安排大股东持股比例即确定公众持股量是解决代理问题的重要举措。本文分析了在信息不对称、合约不完全以及资本市场规制约束下不同IPO机制对公司股权结构的影响，探讨了限额配给机制的含义，并指出我国新股发行中存在的问题及解决方法。

IPO-mechanism Research:An Analysis from Ownership Structure

The essence of the agency problem is the separation of ownership and control, and the most direct way to solve this problem is to concentrate share holdings during the IPO process. Under the circumstance of asymmetric information, non-contractible situation, and capital market regulatory constraint, This paper analyzes the effect of different IPO mechanisms on the ownership structure and explores the implication of rationing mechanism. In the meantime, We point out the problems existing in the IPO of domestic capital market.