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ng in the global market the main ways including fixed price mechanism, the auction mechanism, the cumulative orders over tendering mechanism and various combinations to form a hybrid approach.

2.1.1 In the fixed price distribution method, investors know in advance a fixed price issue of securities investors in the prospectus within the time specified, fill and sign the subscription, and then submit them to underwriters and investors purchase sheet submitted , you must put the number corresponding to the demand for the stock funds into account the underwriters in the purchase after the end of the collection period, equity investors will be allocated proportionally between. shares issued in accordance with the total number of investors be distributed until all the stock already been assigned.

2.1.2 The auction mechanism is to allow individual investors to determine the price of the auction. Basic principle is the highest bidder the bid, all of the winning bidder will get the lowest price to buy.

2.1.3 bookbuilding pricing refers to the IPO prospectus uncertain issue price, issue price of new shares under the final cumulative voting online and offline purchase the quantity and size from the issuers and underwriters determine the IPO issue price and issue number.

2.2 Comparison of Methods IPO pricing  IPO定价的比较方法

Pricing efficiency refers to the issue of new shares reflect a company's true value, but also to some extent reflects the market affected by the market demand. Underpricing is too high or the first day of break IPO pricing are considered invalid and therefore, pricing efficiency is generally measured through underpricing according to the basic principles of market pricing, the stock price is the result of the convergence of information supply and demand sides, therefore, the stock pricing differences mainly in the stock price way of communicating party information and communication level, and the resulting the degree of information asymmetry generated. At different price mechanisms involved in pricing the position of the main interests of the game are different.

2.2.1 Chief of the fixed-price mechanism, the regulatory agencies dominate in the market of fixed-price mechanism, the issuer dominant. A pre-determined number of the issue price and the issue is regulatory body or issuer and its underwriters sole discretion, between the issuer and the investor may have information asymmetry and produce high IPO underpricing.

2.2.2 in the auction mechanism, the investment in accordance with the information provided by the issuer to make a purchase. Investors in a dominant position, pricing is a fully market-oriented process, the issue price is usually located in the market-clearing level or slightly lower than the market clearing level, pricing for maximum efficiency. Meanwhile, in order to bid, investors may try to raise its offer, It also makes the auction mechanism underpricing a minimum.

2.2.3 Cumulative Orders bidding mechanism, the pricing basis for the establishment of the issuer or underwriter in investor demand for information, and determine the value of the stock above, relative to the fixed price mechanism, its pricing is more effective, but , due to the issue price of new shares by underwriters based on sensitivity to changes in demand for discretionary and may therefore reflect only part of the inquiry i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。