科技型中小企业IPO定价机制研究

RESEARCHREPORTIPOIPO1IPO2IPO3“.................1...........................................................................................6.............................................18IPO4.................21.....................................................................................................................29IPO1IPO2IPO3Myers1977Myers160Blodget400IPO4400BlodgetBlodgetIPO1IPO2IPOIPOFixedPriceIPOIPO142005IPO512123IPO6IPOIPO1IPOIPO2FixedPrice(Auction)BookBuilding)1IPO12%37%9%27%JayR.Ritter,“InitialPublicOfferings”,ContrmporaryFinanceDigestVol.2,NO.1(Spring1998)IPO7IPO82080209090IPO9()Sherman200244IPOIPOIPO102090IPOIPOIPOIPODPOIPO11IPO12IPO131420%450%2IPO14IPO15IPO163IPO15IPOIPO14IPOIPOIPOIPO17615IPOIPO415IPO2015201520051IPOIPO18IPO1IPO2IPO19IPOIPOIPOIPOIPOIPOIPO4IPO20IPOIPO1IPOIPO2IPOIPO21NASDAQ20065IPOIPO120IPO2IPOIPOIPOIPOIPOIPOIPO22121230%15%16000220065126IPO2IPO126126139.21%20058251008%,19931066133%19922005IPO19962002IPO150%200320042005IPO80%20032005IPOIPOIPO234126IPO2412690-30%30%-60%60%-90%90%-120%120%-150%150-%-180%180%-210%210%-260%260%53060250710-30%250-9.1%60%-90%25034.8%22509550%0-30%25038101453060250250126712653060250IPO25853060250IPOIPOIPO1IPOIPO2IPOIPOIPOIPO15%IPOIPO100%IPOIPOIPOIPO26126IPOIPOIPOIPOIPOIPOIPOIPOIPO2000-2001IPOIPOIPOIPOIPOIPOIPO12660250IPOIPORock1986Ritter2000IPO19894IPOJASDIPOIPO62.1%1989HybridIPO27Auction1997IPO10%1997IPOIPO19972004JASDAQIPO76.4%(KenjiKutsuna2004)IPOIPO1975-20037253IPO1975-1979112IPO5.7%1980-198923926.8%1990-1999424520.9%2000-200360439.5%Ritter,19942004IPO1980100%Ritter2000IPOIPORitter2000IPOIPOIPOIPO28IPOIPOIPOIPO1IPOIPOIPOIPOIPOIPO2IPO3IPO10IPOIPO29BenvenisteLMandPASpindt1989HowInvestmentBankersDeterminetheOfferPriceandAllocationofNewIssuesJournalofFinancialEconomics24pp343-361KenjiKutsunaRichardSmithWhyDoesBookBuildingDriveOutAuctionMethodsofIPOIssuance?EvidencefromJapanTheReviewofFinancialStudies;Winter2004;17,4;ABI/INFORMGlobalpg.1129Myers,S.,1977,DeterminantsofCapitalBorrowing[J],JournalofFinancialEconomics,Vol.5(2),pp.147-175RitterJR.,1998InitialPublicOfferings,ContemporaryFinanceDigest,2,pp5-30RitterJR2000GoingPublicThenewpaligraveDictionaryofMoney&FinanceRockKevin1975WhynewissuresaredunderpricedJournalofFinaceialEconomicsSherman,A.E.,2002,GlobalTrendsinIPOMethods:BookBuildingvs.Auctions,Unpublishedworkingpaper,UniversityofNotreDame