英语论文网

can also choose mixed pricing mechanism. Mixing mechanism can choose between two specific ways : Auction and Fixed Price Public Offering a combination of mechanisms ; bookbuilding offering combined with a fixed-price mechanism . In practice, the most widely used is the second way . In either form , the goal is hoped to maximize the mixing of two mechanisms of institutional investors in the price discovery capacity , while protecting the interests of small investors . Specific practices are institutional investors to bid on or through bookbuilding and price discovery in this link is completed and the IPO price determination . However, not all stocks assigned to participate in the auction , bookbuilding institutional investors , but a portion ( specific ratio in different markets have different arrangements ) to investors with a fixed public offering price allocation , as used herein " fixed price "is the cumulative institutional investors bid or tender " discovery " price.

Our IPO pricing is essentially a continuous exploration in the reform process , from the fixed price mechanism in favor of a high degree of market trial bid auction mechanism , to inquire about purchase ( hereinafter referred to as Inquiry ) mechanism , we can say this is administration under the planned economy to the market economy constantly moving microcosm , such as the gradual relaxation of the earnings release . The evolution of IPO pricing is divided into four stages , followed by administrative pricing were relaxed earnings release pricing , control pricing, and the existing price earnings ratio mechanism , as described below :

Administrative pricing stage , refers to the IPO pricing unified by the Securities Authority under a fixed formula , not by the underwriters or investment banks identified in consultation with the issuing company a stage, and commonly known as the fixed- price mechanism is different connotations . This stage can be further subdivided into two phases , early fixed price earnings ratio is relatively fixed pricing and pricing phase.
本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。