| IPO发售机制研究 |
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| 引用本文： | 王芬,李晓翠,王艳华.IPO发售机制研究[J].襄樊学院学报,2005,26(3):20-23. |
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| 作者姓名： | 王芬 李晓翠 王艳华 |
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| 作者单位： | 1. 襄樊学院,经管系,湖北,襄樊,441053
2. 中国人民银行宜城市支行,湖北,宜城,441400 |
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| 摘 要： | IPO发售机制是影响股票一级市场效率的重要因素。美、英等发达国家推广使用累计投标询价方法，各国(地区)IPO制度向美式累计投标询价方法的融合已经成为国际趋势。为改进我国IPO发售机制，提高股票发行市场效率、完善股票市场功能，必须采取：(1)放开对股票的供给控制，实现股票市场的供求均衡，促进整个证券市场的规范和成熟；(2)采取多元化的IPO发售机制，适时引入新的发售机制；(3)顺应国际潮流，积极创造累计投标询价方法发挥优势所需要的配套机制。
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| 关 键 词： | 首次公开发行 发售机制 固定价格法 拍卖法 累计投标法 |
| 文章编号： | 1009-2854(2005)03-0020-04 |
| 修稿时间： | 2004年10月13 |
The International Trend and Appraisal on Mechanisms for Pricing and Distributing IPO |
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| WANG Fen,Li XIAO-cui,WANG Yan-hua.The International Trend and Appraisal on Mechanisms for Pricing and Distributing IPO[J].Journal of Xiangfan University,2005,26(3):20-23. |
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| Authors: | WANG Fen Li XIAO-cui WANG Yan-hua |
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| Institution: | WANG Fen~1,Li XIAO-cui~1,WANG Yan-hua~2 |
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| Abstract: | The mechanism for pricing and distributing IPO is an important factor affecting the efficiency of the primary stock market. Book-building mechanism is applied to such developed countries as America and Great Britain deeply. It has become a global trend that the book-building method is gaining popularity all around the world. Improving the efficiency of issuing stock market and the mechanism for pricing and distributing IPO in China,the policy suggestions are:(1)loosening the control over the supply of shares, realizing the supply-demand equilibrium of stock market, and promoting the standardization and maturity of entire stock market; (2) adopting various IPO mechanisms, introducing new mechanisms when appropriate; (3) adopting to the global trend and create necessary mechanisms needed to make better use of book-building method. |
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| Keywords: | Published firstly IPO Mechanism for Pricing and Distributing Fixed price method Auction method Book-building method |
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