IPOs中两阶段竞价发行方式博弈模型及实用性分析  

Two-phases Biding Issue Mode of IPOs: Game Theory and Practicability Analysis

作　　者：周孝华[1] 杜俊涛[1] 杨秀苔[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400044

出　　处：《软科学》2003年第6期21-24,共4页Soft Science

基　　金：重庆大学基础及应用研究基金项目(003063)

摘　　要：本文利用博弈论模型分析了两阶段兑价发行方式下的IPOs中预期发行价格出现的可能性,推出了理论上的期望发行价格。通过抑价分析,阐述了在我国利用两阶段竞价发行方式的意义,分析了目前证券市场政策环境所存在的问题。提出了两阶段竞价发行方式在我国证券发行市场实施的时效性及技术研究的前瞻性。This paper discusses the possibility of expected issue price of the IP Os under two-phases biding issue mode by game theory, and produces the theoretic ally expected issue price. On the basis of price control, this paper expatiates the meaning of using the two-phases biding issue mode and analyzes the existent problems of the policy environment in the securities market. At last, this paper puts forward the timing of bringing the two-phases issue mode into effect in ou r primary security market and the advance of technical research.

关 键 词：IPOS 两阶段竞价发行 博弈 股票发行 证券市场 时效性 

分 类 号：F830.91[经济管理—金融学] F224.32