我国IPO发售机制研究

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1、上海交通大学硕士学位论文我国IPO发售机制研究姓名：任仲杰申请学位级别：硕士专业：技术经济及管理指导教师：顾孟迪20060101上海交通大学硕士学位论文本文通过对我国IPO发售机制的回顾与分析，结合最优机制模型的结论总结了我国IPO发售机制市场化改革失败的原因。其关键问题就在于历次改革都没有从制度上全方位地保护普通投资者的利益。导致普通投资者参与一级市场的热情大大降低。本文的政策建议是建立新股预发行市场，提高普通投资者与机构投资者的博弈程度。为此必须先做好如下准备工作(1)由市场调节新股供给，摒弃人为筛选的机制，实现股

2、票市场的供求均衡，促进整个证券市场的规范和成熟；(2)积极采用累计投标询价方法发挥优势所需要的配套机制，如：“回拨机制”，“超额发售权”以及“肮脏拍卖”作为备选机制和补充机制来改进现有方法；(3)设计相应的交易、交割与结算制度，同时进行风险控制。关键词：首次公开发行，发售机制，累计投标询价法，预发行市场IV上海交通大学硕士学位论文ASTUDYONMECHANISMSFORPRICINGANDDISTRIBUTINGIPOINCHINAABSTRACTTherehaslongbeenabnormalprice(muchl

3、owerorhigher)intheprimarystockmarketofChina,whichindicatesthattheprimarymarketofChinaisinefficient.Theinefficiencyhasledtoseriousresults:itseverelyhurtthefinancingfunctionofChina'sstockmarket,decreasedtheefficiencyofresourcesallocation,aggravatedthespeculativeat

4、mosphereoftheprimarymarket,ledtothewasteofsocialresources,andnegativelyaffectedthelongtermdevelopmentoftheentirestockmarket.TheoreticalandempiricalstudieshaveprovedthatthemechanismforpricinganddistributingIPOisanimportantfactoraffectingtheefficiencyoftheprimarys

5、tockmarket.ThispapertriestostudythemechanismforpricinganddistributingIPOandfindsomeusefulcuesofimprovingthemechanismforpricinganddistributingIPOnowinuseinChinaandhenceimprovingtheefficiencyofissuingstockmarketandperfectingthefunctionsofstockmarket.Thispapersugge

6、ststhatthefixedpriceopenoffermechanismisinferiortotheauctionmechanismV上海交通大学硕士学位论文andbookbuildingmechanismintermsofinformationsolicitingpricediscovering,andthereisstillsomediscrepancyonwhetherauctionisbetterthanbookbuildingorviceversa.However,ithasbecomeaglobalt

7、rendthatthebookbuildingmethodisgainingpopularityallaroundtheworld.Utilizingthetoolsofauctiontheoryandmechanismdesigntheory,thispapershowsthatanoptimalIPOmechanismcanonlygetthesolutionwhentherearegreatnumbersofuninformedinvestorsparticipatinginanIPO.Highernumbers

8、ofuninformedbuyersparticipatingallowtheissuerandintermediarytoachievehigherrevenuesbylowingthevalueoftheoutsideoptionforinformedinvestors(institutionalinvestors).Thep