IPO发售机制研究进展:一个评论  

Research Proceeding in IPO Mechanism:A Review

作　　者：杨记军[1] 赵昌文[2] 杨丹[3] 

机构地区：[1]西南财经大学国际商学院,610074 [2]四川大学工商管理学院,610064 [3]西南财经大学工商管理学院,610074

出　　处：《会计研究》2008年第11期76-83,共8页Accounting Research

基　　金：教育部人文社会科学基金(07JC630013);教育部高校博士点基金(20060610048);教育部新世纪优秀人才支持计划基金(NCET-06-0816);国家自然科学基金(70672112)项目的资助

摘　　要：20世纪80年代以来,全球IPO发售机制演变的基本趋势是累计投标询价机制正日益取代固定价格与拍卖发售机制。这种现象的原因,是由于美国承销商霸权地位,还是三种IPO发售机制本身经济效率差异所致?本文首先基于微观经济效率差异性角度评述了IPO发售机制的研究进展,然后提出了IPO发售机制未来研究的三个方向。Book-building has become more and more popular than the fixed price and auctions for Initial Public Offering mechanism since 1980s. The reason for the above phenomenon is the active advertising by the US underwriters or the difference in financing efficiency among the three IPO mechanisms. The answer is not to be known yet. This paper firstly reviews the research proceeding in IPO mechanisms based on the difference in financing efficiency among IPO mechanisms, and then proposes three ways for the future research in IPO mechanism.

关 键 词：IPO发售机制 固定价格 拍卖 累计投标询价 

分 类 号：F830.91[经济管理—金融学]