IPO询价机制研究

STUDY ON IPO INQUIRY MECHANISM

根据询价中的价格机制、发行人的目标函数、机构投资者的目标函数显示,IPO公司为达到发行收益最大化的目标,应联合保荐机构在询价过程中采取数量歧视,有效地在机构投资者与二级市场投资者之间分配股票数量。越多的二级市场投资者参与IPO认购,发行人可以通过降低机构投资者的外部选择价值来获取更高收益。

On account of the participation of institutional investors with personal information superiority and secondary market investors without information, employs pricing mechanism and the objective functions of seller and institutional investors in the inquiry emission to make a study that an IPO firm should combine with the intermediary to adopt quantity discrimination and effectively allocate the shares among the two categories of investors during the inquiry process to guarantee the maximization of sellers interests, and draws the conclusion that the seller can achieve higher revenues with lager numbers of secondary market investors participating in an if＇O, which lower the value of the institutional investors outside option.