注册制下新股发行定价优化研究——基于博弈论视角

发布时间：2018-01-06 16:45

本文关键词：注册制下新股发行定价优化研究——基于博弈论视角　出处：《价格理论与实践》2014年11期 　论文类型：期刊论文

【摘要】：针对国内企业融资难、融资贵的问题,近日召开的国务院常务会议强调:要抓紧出台股票发行注册制改革方案,以拓宽企业融资渠道。和审批制相比,注册制下的拟上市公司、监管部门和投资者的关注点和利益点会被重新定位。本文基于博弈论视角,针对注册制下新股发行定价过程中拟上市公司、投资者和监管部门三者之间的行为建立不完全信息动态博弈模型,并就研究结果提出加强监管部门事前、事中和事后分段监管,增加合理的惩罚方案;平衡拟上市公司和投资者的话语权,建立诚信担保机制和资本市场的资信网络平台,以建立一个成熟、有效的新股发行市场。
[Abstract]:In view of the difficult and expensive financing of domestic enterprises, the recent executive meeting of the State Council stressed that it is necessary to step up the reform of the registration system of stock issuance in order to broaden the financing channels of enterprises, as compared with the examination and approval system. Under the registration system, the concerns and interests of the regulatory authorities and investors will be reoriented. Based on the perspective of game theory, this paper aims at the proposed listed companies in the process of IPO pricing under the registration system. The dynamic game model of incomplete information is established between the investors and the supervision department, and the reasonable punishment scheme is put forward to strengthen the supervision in advance, in the event and after the supervision. In order to establish a mature and effective new issue market, we should balance the rights of the listed companies and investors, establish the credit network platform of the capital market and establish the good faith guarantee mechanism.
【作者单位】：北京工业大学经管学院;
【基金】：北京工业大学人文社科基金项目“基于AHP的科技型中小企业上市路径选择研究”的研究成果
【分类号】：F832.51
【正文快照】： 1999年7月1日起施行的《中华人民共和国证券市公司披露真实、准确和完整的公司信息,增强企业宣法》标志着我国上市公司新股发行由审批制转变为核准传和塑造公司形象;投资者根据企业发布信息进行判断制,然而经过十五年的发展,核准制暴露出的供求关系出价,最终由市场力量即买卖

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