IPO定价机制的随机微分分析

The Stochastic Analysis of IPO Pricing Mechanism

利用具有随机特征投资组合问题的最优投资策略,分析IPO定价机制对投资者的投资决策的影响,进而定性分析新股定价机制存在的问题和缺陷。从投资者投资决策最优化的角度指出我国IPO定价机制改革只有向完全市场化方向改变,才能提高投资者的投资理性,使我国的证券市场不断走向成熟,逐步缩小与发达国家之间的差距。

Employing the optimal investment strategies of the investment portfolio with stochastic character,the paper analyzes the effect that the pricing mechanism of IPO presses on investors＇ decision-making,furthermore,qualitively analyzes the problems and limitations that exist in the pricing mechanism of IPO. The paper analyzes the effect that the pricing mechanism of IPO has on investors＇ decision-making and points out that only the IPO pricing mechanism reformation develops along the general adoption of the market principle,can the sense of investors be lifted,the securities market be mature and the gap with developed countries be narrowed.