最优IPO时机研究  

Study on optimal IPO timing

作　　者：汪温泉[1] 

机构地区：[1]北京交通大学交通运输学院,北京100044

出　　处：《沈阳航空工业学院学报》2010年第2期80-85,共6页Journal of Shenyang Institute of Aeronautical Engineering

摘　　要：从原始股东面临着的选择是立即IPO还是等待可能的更好机会出发,建立了原始股东以最大化企业价值为目标的IPO时机选择模型,并对原始股东的风险厌恶程度、控制权私利和IPO固定成本,以及无风险利率对IPO临界条件的影响进行了分析。结果表明,随着原始股东对不可交易资产(未上市企业)的风险的厌恶程度越大,企业上市的临界条件就越小;而控制权私利、IPO固定成本、较大的无风险利率以及企业风险与市场风险较高的相关性对IPO都具有抑制作用。This paper investigates the optimal IPO timing decision of a firm owner who has to decide whether to go public at once or wait for a better opportunity in future,and analyzes the effect of the firm owner＇s risk aversion,private benefit of control,the fixed cost of IPO,and risk free rate on the IPO timing.The results show that the risk aversion of the privatized firm impel the exercise of IPO as the trigger point of IPO descend with the increase of the aversion,while otherwise,the private benefit of control,the fixed cost of IPO,and risk free rate all act as restrainted.

关 键 词：首次公开发行 时机 现金流 

分 类 号：F830.9[经济管理—金融学]