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中国管理科学 ›› 2003, Vol. ›› Issue (6): 5-8.

• 论文 • 上一篇    下一篇

国有控股公司IPOs定价及抑价模型

杜俊涛, 周孝华, 杨秀苔   

  1. 重庆大学经济与工商管理学院 重庆 400044
  • 收稿日期:2003-04-10 修回日期:2003-11-07 出版日期:2003-12-28 发布日期:2012-03-06

IPOs Pricing and Underpricing of the Stated-Owned-Holding Company

DU Jun-tao, ZHOU Xiao-hua, YANG Xiu-tai   

  1. College of Economy and business Administration, Chongqing university, Chongqing 400044, China
  • Received:2003-04-10 Revised:2003-11-07 Online:2003-12-28 Published:2012-03-06

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。

关键词: 国有控股公司, IPOs, 定价, 抑价

Abstract: 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.

Key words: stated-owned-holding company, IPOs, pricing, underpricing

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