摘要
20世纪80年代以来,全球IPO发售机制演变的基本趋势是累计投标询价机制正日益取代固定价格与拍卖发售机制。这种现象的原因,是由于美国承销商霸权地位,还是三种IPO发售机制本身经济效率差异所致?本文首先基于微观经济效率差异性角度评述了IPO发售机制的研究进展,然后提出了IPO发售机制未来研究的三个方向。
Book-building has become more and more popular than the fixed price and auctions for Initial Public Offering mechanism since 1980s. The reason for the above phenomenon is the active advertising by the US underwriters or the difference in financing efficiency among the three IPO mechanisms. The answer is not to be known yet. This paper firstly reviews the research proceeding in IPO mechanisms based on the difference in financing efficiency among IPO mechanisms, and then proposes three ways for the future research in IPO mechanism.
出处
《会计研究》
CSSCI
北大核心
2008年第11期76-83,共8页
Accounting Research
基金
教育部人文社会科学基金(07JC630013)
教育部高校博士点基金(20060610048)
教育部新世纪优秀人才支持计划基金(NCET-06-0816)
国家自然科学基金(70672112)项目的资助
