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累计投标询价发行机制研究述评 被引量：1

A Review of Bookbuilding
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摘要 询价发行机制作为主要的新股发行方式倍受关注。本文从信息不对称视角和价格支持视角对询价发行机制的相关文献进行了综述,发现这些研究中承销商具备自主配售权且询价只有一个阶段。与此同时,针对我国现行询价发行机制与主流机制的区别,提出了一些值得深入研究的新问题。 Bookbuilding as the main IPO issuing method has get much attention.In this paper,we review existing literature about bookbuilding from two perspectives： information asymmetry and price support and we find that all the research has the common premise： underwriter has the right to allocate new issues independently and price inquiry only through one stage.Based on the differences between the Chinese existing inquiry mechanism and the typical mechanism,we outline some new questions for deep research.
作者 侯晓鸿 韩鑫
机构地区 湖南有色金属股份有限公司 深圳大学管理学院
出处 《价值工程》 2012年第7期57-58,共2页 Value Engineering
关键词 询价发行机制 信息不对称 价格支持 bookbuilding information asymmetry price support
分类号 TU723.2 [建筑科学—建筑技术科学]
  • 相关文献

参考文献13

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  • 2Loughran, T., Ritter, J. R., K. Rydqvist, Initial Public Offerings: International Insights[J], Pacific - Basin Finance Journal, 1994, 2, P165-199.
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  • 4Rock K., Why new issues are underpriced [J]. Journal of Financial Economics, 1986,15, Pl87-212.
  • 5Benveniste L, Spindt P., How investment bankers determine the offer price and allocation of new issues [J]. Journal of Financial Economics, 1989, 24 (2), P343-361.
  • 6Bnveniste L.M., Wilhelm W., A comparative analysis of IPO proceeds under alternative regulatory environments [J].Journal of Financial Economics, 1990, 28(1-2), P173-207.
  • 7Sherman AE., IPOs and long-term relationships: An advantage of book building[J]. Review of Financial Studies, 2000, 13(3), P697-71.
  • 8Benveniste L.M., Busaba W.Y., Wilhelm W.J., Information externalities and the role of underwriters in primary equity markets [j]. Journal of Financial Intermediation, 2002, 11(1), P61-86.
  • 9Sherman AE, Titman S., Building the IPO order book: Underpricing and participation limits with costly information [J]. Journal of Financial Economics. 2002. 65(1). P3-29.
  • 10林旭东,聂永华.分拆上市与价值创造:多视角的经济动因分析[J].深圳大学学报（人文社会科学版）,2009,26(2):57-63. 被引量：16

二级参考文献42

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共引文献15

同被引文献13

  • 1刘玉灿,李心丹,王冀宁.发行方式与初始回报的分析研究[J].系统工程理论与实践,2005,25(10):29-32. 被引量：3
  • 2http://news, xinhuanet, com/politics/2012 - 10/30/c 113547723. htm.
  • 3Lawrence M. Benveniste, Paul A. Spindt. How Investment Bankers Determine the Offer Price and Allocation of New Issues. Jounal of Financial Econmics, 1989(24):343--361.
  • 4Ann E. Sherman, Sheridan Titman. Building the lPO Order Book: Underpricing and Participation Limits with Costly Infor- mation. Jounal of Financial Econmics ,2002 (65) :3--29.
  • 5Ann E. Sherman. IPOs and Long Term Relationships: An Ad- vantage of Book Building. Review of Financial Studies, 2000 ( 3 ) : 697--714.
  • 6Lawrence M. Benvaniste, Walid Y. Busaba, Willlam J. Wilhelm. Information Externalities and Role of Un- derwriters in Primary Equity Markets. Review of Financial In- termediation, 2002 : 61--86.
  • 7M. Nimalendran, Jay R. Ritter, Donghang Zhang. Do Today's Trades Affect Tomorrow' s IPO Allocations? Journal of Finan- cial Economics ,2007 ( 1 ) : $7--109.
  • 8Jay R. Ritte, Donghang Zhang. AJJiliated Mutuat Funds and the Allocation of lnitial Public Offerings. Journal of Finan- cial Economics,2007 ( 11 ) :337--368.
  • 9Jonathan Reuter. Are IPO Allocations for Sale? Evidence from Mutual Funds. Journal of Finance ,2006 (6) :2289--2324.
  • 10Qing Hao, Xuemin Yan. The Performance of Investment Bank Affiliated Mutual Funds:Conflicts of Interest or Informational Advantage. Journal of Financial and Quantitative Analysis, 2012 ( 3 ) :537--565.

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价值工程
2012年 第7期

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