【摘要】 在美式累计订单询价发售机制中,如何分配新发行的股票是一个关键问题。从国外新股发行的具体实践来看,主承销商在分配股票时主要基于以下几个方面的考虑:通过分配股票收集有关新股定价方面的信息;将股票分配给能够长期持有的投资者以稳定新股价格;将行情好与不好时的IPO股票搭配分配以更好地分销股票;从自身牟利角度分配IPO股票等。本文对我国的新股发行提出了相应的改进建议。更多还原

【Abstract】 How to allocate IPO stocks is a critical question in the issuing mechanism of bookbuilding. This paper analyzed motives of the leading underwriter in allocating IPO stocks. Looking from the perspective of foreign practice, the leading underwriter allocates IPO stocks based on the following consideration: to acquire information of IPO pricing, to stabilize the price of IPO by allocating stocks to the long-run holding investors, to bundle hot and cold IPO stocks in order to sell stocks successfully, and to allocate IPO stocks for underwriter’ s self-interest. Finally, some suggestions for the reform of IPO in our country were put forward.更多还原