我国IPO市场询价存量发行机制的经济学分析

Economic Analysis on Market Mechanism of IPO(Initial Pubilic Offering) Stock Issuing and Pricing in Our Country

从我国IPO发行定价机制的历史出发,通过国外新股发行定价机制与中国股市的对比分析,剖析了我国IPO发行定价机制的错误根源,在此基础上,首次提出了投资者剩余的概念,并从经济学角度分析了我国IPO市场询价存量发行的合理性与可行性。

Based on the history of the IPO issuing and pricing mechanism in our country, through the comparison between the pricing mechanism in Chinese stock market and that in foreign countries, the origin of the mistake in IPO issuing and pricing mechanism in our country is examined. On the basis of that, the concept of investor＇ s remaining benefits is posed for the first time, and the rationality and feasibility of the market inquiry pricing on IPO issuing in our country are analyzed in terms of economics.