中国股票市场IPO 询价制度与财富分配效应——兼论询价制度改革的有效性.pdf

中国股票市场IPO 询价制度与财富分配效应 ——兼论询价制度改革的有效性 1 1 2 3 李心丹 俞红海 耿子扬 李冬昕 （1. 南京大学工程管理学院，南京，210093；2.美国康奈尔大学，纽约州，14850-2488； 3.上海证券交易所，上海，200120 ） IPO Book-building Mechanism in China Stock Market and the Effect of Wealth Allocation: The Analysis of Efficiency of IPO Book-building Reform 1 1 2 3 LI Xindan YU Honghai GENG Ziyang LI Dongxin (1.School of Management and Engineering, Nanjing University, Nanjing, 210093; 2.Cornell University, New York State, 14850-2488; 3.Shanghai Stock Exchange,Shanghai,200120) Abstract: Since the induction of IPO book-building mechanism at China stock market in 2005, there are several reforms till now. But the results of reforms are not good enough, and there are some serious problems about high initial return during IPO process and “three-high” issue. From the perspective of institutional investor during book-building process, this paper studies the mechanism and related reform at China stock market. The results show that from the introduction of book-building to the first reform, the collusion of institutional investors result to the discount of IPO, and during this period the wealth allocation is good to institutional investors. The reform of IPO book-building mechanism broke the collusion among institutional investors, but because of the unreasonable arrangement of this mechanism, the problem of over-competition appears, which results to over-pricing, and three-high problem correspondingly. Wealth allocation is good to the underwriter and issuer during this process. Based on this research, we suggest to optimizing th