新股发行制度的均衡分析

Equilibrium Analysis of Initial Public Offering System

本文首先利用博弈论的方法对完全市场经济条件下新股发行制度进行了博弈均衡分析,分别设定了完全信息和不完全信息假设下新股发行制度局部均衡模型,并讨论了两种模型的均衡条件;然后结合非完全市场经济条件下新股发行市场的特征来修改和增加部分假设,以期得到修正条件下的局部均衡模型;最后通过考察局部均衡变动的原因来分析新股发行制度从局部均衡向一般均衡变动的过程和路径,以增强解释现实的能力。

This paper aims to analyze the initial public offering system in equi- librium way on complete marketing economic situation and talk about the equilibri- um terms after building two models of partial equilibrim supposing the fact of com- plete information and incomplete information;then to perfect new partial equilibri- um model with modifing and enhancing the partial suppose according to the charac- ter of non-complete marketing economy and study finally the process and path from partial equilibrium to general equilibrium due to the partial equilibrium change, which strengthen the power to explain the practice.