美式累计订单询价机制的运作及启示

American Accumulated Orders Book Building System

IPO发售机制对一国的股票发行及上市公司具有重要的影响,而世界范围内越来越多的国家已开始采用美式累计订单询价这一IPO发售机制。本文首先对美式累计订单询价机制的一般询价过程进行了介绍,并对美式累计订单询价机制的信息收集过程进行了阐述,随后分析了美式累计订单询价机制相对其他IPO发售机制所具有的优点,最后对新股发行询价制下我国证券公司及监管当局提出了相应的对策建议。

Stock issuance and listed companies are closely affected by IPO system.American book building system is increasingly accepted by countries all over the world.This paper introduces the process of accumulated order book building process and clarifies how the related information accumulation is achieved.A comparison is made between American accumulated order book building system and other IPO system in terms of their advantages and disadvantages.Finally advice is put forward to Chinese securities companies and regulators in implementation of newly implemented IPOs book building system.