新股发行承销的风险及对策建议  

Risks & Strategies of Securities Underwriting

作　　者：平安评券综合研究所课题组 

机构地区：[1]平安评券综合研究所课题组

出　　处：《证券市场导报》2003年第12期4-9,共6页Securities Market Herald

摘　　要：国内券商应对新股发行承销风险,应当分别制能期和中长期策略,密切关注发行政策的调整和市场整体市盈率的变化,做好拟上市公司的筛选。Various ways of securities underwriting are implemented in China in terms of IPOs, new offers and rights issues. Currently, IPOs are usually underwritten at fixed prices tkough firm commitment The statutory PER limit of around 20 tinies is almost a guarantee of zero risks for undenvriters. Rights issues, however, are much more risky given the correlation of its pricing to that of the underlying stocks. As pricing and size of new offers are determined jointly by issuers and leading undenvriters based on on-line and off-line book-building results, undenvriters have no concerns of risks at all, who are very often not firmly committed.

关 键 词：新股发行 承销风险 券商 股票发行 中国 证券市场 市盈率 

分 类 号：F832.51[经济管理—金融学] F832.39