IPO浪潮与新股最优上市时机研究:文献综述  

IPO Wave and the Timing of Market:A Literature Review

作　　者：胡志强[1] 熊林[1] 刘端鹏[1] 

机构地区：[1]武汉大学经济与管理学院

出　　处：《武汉大学学报（哲学社会科学版）》2010年第5期788-794,共7页Wuhan University Journal：Philosophy & Social Science

基　　金：武汉大学人文社科自主科研重点项目(09ZZKY003);教育部人文社科基金规划项目(06JA790086)

摘　　要：IPO浪潮与上市时机选择是IPO研究的前沿问题,在前期IPO研究的基础上,按照文献的发展脉络与逻辑关系分别对IPO浪潮的相关研究以及新股最优上市时机理论进行了综述。其中,主要通过投资者情绪、外部经济环境以及信息不对称三个角度对IPO浪潮的有关理论解释进行概括和总结;在此基础上,引入新股最优上市时机选择的研究为IPO浪潮的理论解释提供了一种新的视角,并且从成本收益权衡、市场条件、竞争策略及其他角度对新股最优时机选择理论进行文献梳理。基于对现有研究的总结,分析其不足、可拓展之处以及进一步研究的思路。IPO waves and market timing theories are the cutting-edge research on IPO. This paper gives a brief review of related research on IPO waves and the optimal timing of initial public offerings respectively from literature development and logical relationship, based on the early summary of IPO study and description of IPO waves. It first sums up relevant theoretical interpretations of IPO waves from the three perspectives of investors＇ sentiment, external economic environment and information asymmetry. On that basis, this paper provides a new way to explain the phenomenon of IPO waves through the introduction of the optimal timing theory of initial public offerings, and then it reviews the literatures on the optimal timing of IPO respectively from the views of tradeoff between costs and benefits, market environment, competitive strategy and so on. In the end, this paper draws a conclusion of the current research, presents its shortcomings and possible future extensions.

关 键 词：IPO浪潮 上市时机 美式期权 信息不对称 投资者情绪 

分 类 号：F832.63[经济管理—金融学]