信息不完全情况下新股发行定价的选择及效率

 新股发行上市一直是我国证券市场建设和发展的主旋律。从开市到现在，上市公司已从1991年14家发展到目前近千家。由于每年都有大量的新股上市，因而新股发行价格的确定成为广大投资者、上市公司、投资银行及证券监管机构一直关注的问题。本文拟用博弈论的概念和框架分析在信息不完全情况下，上市公司对新股发行价格的选择与效率，并试从信息的角度对我国新股发行定价作一简要讨论。

Selection of pricing in stock issues under incomplete information and the efficiency

This paper presents a game model in which insiders,selling stock in both the initial public offerings and the secondary market,have private information about their firm's asset qualities,and outside investors only know the quality distribution.A pooling equilibrium is always resulted from large information asymmetry inherent in Chinese stock primary market.