摘要
考察不同IPO方式对IPO投资者交易行为所产生的影响。实施向二级市场投资者配售发行后,新股刚上市后的价格行为参数发生了变化,降低了IPO投资者的投资绩效。这是囤积在IPO市场的资金减少的一个重要原因。IPO方式的改变对IPO超额收益的分配起着重要的作用。
In this Paper, the effects of different IPO methods on the after-market behavior are examined. After IPO (method) by Allocation to Second Market Investors is adopted, the parameters of the after-market price behavior of IPOs are (substantially) different, including the lower winner ratio, and lower performance of investment on IPOs, and then cause the decrease of the subscriber's money in IPO market. We can come to conclusions that the changes of IPO Method have (important) effect on allocation of IPO gains among the investors.
出处
《系统工程》
CSCD
北大核心
2004年第12期27-30,共4页
Systems Engineering
关键词
向二级市场投资者配售发行
上网公开发行
显性交易成本
隐性交易成本
首次公开发行
Fixed Price Method by Allocation to Second Market Investors
Fixed Price Method by Net
Explicit Trade (Cost
) Implicit Trade Cost
IPO(Initial Public Offering)
