摘要
从信息不对称的角度出发,结合我国国有控股公司的治理结构特点,引入控制租金概念,通过模型构造和推演,给出了最优发行价的表达式,并认为新股抑价是保证国有控股公司成功上市和国有股东在约束条件下获得效用最大化的一种均衡状态。
On the basis of the asymmetry information,the concept of holding rent is introduced to this article with respect to the character of the corporate governance in our conuntry.According to the modeling and deducing,this paper gives the expression of the optimal offering price,and concludes that the underpricing of new issues is equilibrium between the company and the govermment.The equilibrium can guarantee the success of IPOs of the stated-owned-holding company and the government to optimize the utility under the bundle.
出处
《中国管理科学》
CSSCI
2003年第6期5-8,共4页
Chinese Journal of Management Science
关键词
国有控股公司
IPOS
定价
抑价
stated-owned-holding company
IPOs
pricing
underpricing
