新股公开发行定价方式的探讨

利用信息经济学中不完全信息博弈理论对我国IPO市场中普遍使用的固定价格发行方式进行分析,通过对二级市场均衡的交易价格、投资者预期效用、投资者的中购策略、发行人的目标函数、抑价等问题的研究,指出采用固定价格发行新股在我国当前情况下有利于调控整个股市的系统风险,但是由于固定价格发行本身缺乏效率,因此应该逐渐采用更加有效的累计投标询价和竞价方式发行新股.

The study on the pricing mode in IPOs in China

This dissertation analyses the fixed-price offerings in IPOs in China on the basic of the incomplete information game theory. Through the study on the equilibrium price of secondary market , the payoff to investors, the bidding strategies of investors, the objectives of the issuers, the underpricing and so on ,it points out that fixed-price offering has advantages for controlling the system risk of whole security market, however. Thus we should gradually adopt book-building and auction to issue, which are of greater efficiency. The fixed-price offering itself lacks of efficiency.