不同新股发行方式下初始收益率差异性比较研究

The Comparative Research of the Rate of Initial Profit under Different Kinds of IPO Methods

上网定价发行和市值配售是我国证券市场曾经采用和正在采用的新股发行方式。在核准制条件下,上网定价发行和市值配售这两种不同的发行方式下新股初始收益率的影响因素表现特征有所不同。本文从各个交易主体的经济利益最大化角度出发对此作了初步探讨。以期对我国股票发行时选择何种发行方式产生借鉴作用。

Issuing by Pricing on the Net and Offering by Market Price are two kinds of IPO methods. The former has ever been used in our securities market, and the latter is still used. Under these two IPO methods and in the condition of issuing by sanction, the features of the influence on the rate of initial profit are different. In order to serve as a reference in terms of which method being taken on issuing, the essay will briefly discuss the problem by analyzing the maximum benefit of each economic entity.