| 对不同IPO方式下IPOs市场行为的研究 |
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| 引用本文： | 刘玉灿,刘明铭,涂.对不同IPO方式下IPOs市场行为的研究[J].系统工程,2004,22(12):27-30. |
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| 作者姓名： | 刘玉灿 刘明铭 涂 |
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| 作者单位： | 南开大学,信息技术科学学院,天津,300071 |
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| 摘 要： | 考察不同IPO方式对IPO投资者交易行为所产生的影响。实施向二级市场投资者配售发行后，新股刚上市后的价格行为参数发生了变化，降低了IPO投资者的投资绩效。这是囤积在IPO市场的资金减少的一个重要原因。IPO方式的改变对IPO超额收益的分配起着重要的作用。
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| 关 键 词： | 向二级市场投资者配售发行 上网公开发行 显性交易成本 隐性交易成本 首次公开发行 |
| 文章编号： | 1001-4098(2004)12-0027-04 |
A Study on the After-market Behavior of IPOs with Different IPO Methods |
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| LIU Yu-can,LIU Ming-ming,TU Feng-sheng.A Study on the After-market Behavior of IPOs with Different IPO Methods[J].Systems Engineering,2004,22(12):27-30. |
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| Authors: | LIU Yu-can LIU Ming-ming TU Feng-sheng |
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| Abstract: | In this Paper, the effects of different IPO methods on the after-market behavior are examined. After IPO (method) by Allocation to Second Market Investors is adopted, the parameters of the after-market price behavior of IPOs are (substantially) different, including the lower winner ratio, and lower performance of investment on IPOs, and then cause the decrease of the subscriber's money in IPO market. We can come to conclusions that the changes of IPO Method have (important) effect on allocation of IPO gains among the investors. |
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| Keywords: | Fixed Price Method by Allocation to Second Market Investors Fixed Price Method by Net Explicit Trade (Cost ) Implicit Trade Cost IPO(Initial Public Offering) |
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