【摘要】 从动态角度看,全球范围内累计订单询价的发售机制日趋流行,而固定价格机制和拍卖机制的应用日益减少,这一演进趋势在发达国家尤为明显,在新兴市场国家则并不显著。更多还原

【Abstract】 This paper provides an overview of the current conditions and evolution of IPOs in 44 countries and regions in the world and reveals the discovery that IPO mechanisms differ so much in countries at different stage of economic development. Using a relatively uniform analytic framework, the author makes a comparative study of the three basic offering mechanisms, namely book-building, fixed pricing and auction through pricing mechanism, quantitative mechanism and allocating mechanism and discloses the reason behind the prevalence of book-building.更多还原