IPO发售机制研究  

The International Trend and Appraisal on Mechanisms for Pricing and Distributing IPO

作　　者：王芬[1] 李晓翠[1] 王艳华[2] 

机构地区：[1]襄樊学院经管系,湖北襄樊441053 [2]中国人民银行宜城市支行,湖北宜城441400

出　　处：《襄樊学院学报》2005年第3期20-23,共4页Journal of Xiangfan University

摘　　要：IPO发售机制是影响股票一级市场效率的重要因素。美、英等发达国家推广使用累计投标询价方法,各国(地区)IPO制度向美式累计投标询价方法的融合已经成为国际趋势。为改进我国IPO发售机制,提高股票发行市场效率、完善股票市场功能,必须采取:(1)放开对股票的供给控制,实现股票市场的供求均衡,促进整个证券市场的规范和成熟;(2)采取多元化的IPO发售机制,适时引入新的发售机制;(3)顺应国际潮流,积极创造累计投标询价方法发挥优势所需要的配套机制。The mechanism for pricing and distributing IPO is an important factor affecting the efficiency of the primary stock market. Book-building mechanism is applied to such developed countries as America and Great Britain deeply. It has become a global trend that the book-building method is gaining popularity all around the world. Improving the efficiency of issuing stock market and the mechanism for pricing and distributing IPO in China,the policy suggestions are:(1)loosening the control over the supply of shares, realizing the supply-demand equilibrium of stock market, and promoting the standardization and maturity of entire stock market; (2) adopting various IPO mechanisms, introducing new mechanisms when appropriate; (3) adopting to the global trend and create necessary mechanisms needed to make better use of book-building method.

关 键 词：首次公开发行 发售机制 固定价格法 拍卖法 累计投标法 

分 类 号：F830.59[经济管理—金融学]