圈钱偏好、非流通股与IPO定价  

Money Preference,Nonnegotiable Stocks and Pricing of IPOs

作　　者：于栋华[1] 陈湘鹏[1] 

机构地区：[1]上海交通大学管理学院,上海200030

出　　处：《运筹与管理》2006年第1期88-91,共4页Operations Research and Management Science

摘　　要：在传统信号理论基础上,本文建立了一个用于解释股票市场上的圈钱偏好与IPO定价问题的模型。模型主要基于一个新的假设———发行者对从一级和二级市场得到的资金总额具有特定的偏好,并且发行者出于某种考虑将保留一定股份作为非流通股。本文研究了该假设下,如果投资者自始至终无法知道项目的真实价值,而只能根据发行份额和折价程度来判断项目的真实情况时的IPO定价问题。发行者的这种偏好的实际意义,就是通常所说的圈钱偏好。With traditional signal theories, we propose a model to explain the phenomenon of money preference in the pricing of IPOs. The model is mainly based on the new hypothesis： The issuers have a preference for the whole amount received from the market, and for certain reasons they will retain some share of stocks. Models about the pricing of IPOs are given when the investors have no idea about the true value of the project. It is consistent with the money preference in practice.

关 键 词：金融学 圈钱偏好 信号模型 IPO 非流通股 定价 

分 类 号：F830.91[经济管理—金融学]