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两阶段询价制下的IPO价格形成与需求隐藏研究
The IPO price formation and demands shading study in two-stage bookbuilding
摘要点击 2523  全文点击 22  投稿时间:2010-09-25  修订日期:2010-12-26
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中文关键词  两阶段询价制;IPO价格;报价策略;需求隐藏
英文关键词  two-stage bookbuilding; IPO price; bidding strategy; demands shading
基金项目  国家自然科学基金资助项目(项目批准号:70473107)
作者单位E-mail
周孝华 重庆大学 zhxiaoh@yahoo.com.cn 
姜婷 重庆大学 jiang1214ting@163.com 
董耀武 重庆大学  
中文摘要
      本文结合我国IPO询价的现实,在询价分为初步询价和累计投标询价两个阶段的前提下,分别研究了机构投资者两阶段的均衡报价策略及最终的IPO价格形成,从理论上剖析了机构投资者初步询价时隐藏需求报价压低发行价格的动机。研究结果表明,机构投资者会在初步询价时有意隐藏其需求,最终的均衡价格为初步询价后承销商确定的发行价格区间上限,且初步询价时机构投资者需求隐藏比例越大,IPO发行价格越小,承销商确定的发行价格区间宽度越大,IPO发行价格越大。
英文摘要
      Combining with the reality of China's IPO bookbuilding,under the premise of bookbuilding can be divided into preliminary bookbuilding and accumulated bidding bookbuilding, this paper study the equilibrium bidding strategy of the institutional investors in two stages and the final IPO price formation. We analyse the motive of the institutional investors shading their demands in bidding and lowering the issue price. Our analysis indicates that: institutional investors will shade their demands in preliminary bookbuilding deliberately; the ultimate equilibrium price will be upper limit of issue price range; the greater the shading demands of institutional investors in preliminary bookbuilding, the smaller ipo issue price; the greater the wide of the issue price range, the higer IPO issue price.
相关附件:   两阶段询价制下的IPO价格形成与需求隐藏研究.rar
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