IPO发行方式的国际比较及启示

本文通过对国际上常用的IPO发行方式比较认为:进一步完善我国市场化发行方式的启示和建议有:构建良性的市场微观主体(积极培育理性的发行市场主体;大力培育具有长期投资理念的机构投资者);积极推行累计投标方式和竞价方式;在新股首次公开发行中继续引入超额配售选择权等。

Based on the comparison of the common methods in the IPO internationally, this paper put forward some suggestions as to the perfection of public offering in our country as following： cultivate well - developed microscopic market participannts （i. e. actively foster rational publishing market participannts; actively foster institutional investors who have long - term invastment concept） ; actively introduce the mechanism of book - building process and bidding process; introduce over allotment option in the IPO of new sharos.