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近几十年，在国外有很多研究者对IPO抑价现象进行了理论方面的分析，最系统的是基于信息不对称的各种模型。其中包括发行人，承销商，投资者之间的信息不对称，大体可分为以下几类：

In recent decades , many researchers in foreign IPO underpricing phenomenon of the theoretical aspects of the analysis , the system is based on various models of asymmetric information . Including issuers , underwriters , information asymmetry between investors , can be roughly divided into the following categories:

( 1 ) issuers and underwriters of information asymmetry between

Baron（1982）提出的“投资银行信息垄断假说”，他认为发行人愿意对承销商抑价发行股票，是由于发行人和承销商之间的信息不对称。投资银行也即承销商相对于发行人而言知道更多股票市场上需求信息。在定价过程中，发行人与承销商互相博弈，最后由承销商定价。承销商为了能够确保顺利发行且获取更多的利润，，更希望发行人能够抑价发行。

Baron (1982) [2] proposed an "investment bank information monopoly hypothesis ," he says issuers willing to issue shares underpricing underwriters , issuers and underwriters because of information asymmetry between . Investment banks that underwriters with respect to the issuer needs to know more information about the stock market . In the pricing procedure , issuers and underwriters each game , and finally by the underwriters pricing . In order to ensure a smooth underwriters issued and get more profit, and hope issuer is able to issue underpricing .

( 2 ) information asymmetry between investors

这一类的研究中最经典的是Rock（1986）提出的“赢者的诅咒”问题。他认为将参与到股票市场的投资者之间信息是不对称的。有的投资者对于IPO公司的前景和质量信息掌握得比较多，称为“知情的投资者”或者“富有信息投资者”；另外一部分投资者对IPO公司的前景和质量信息掌握得并不足够，称为“不知情的投资者”或者“缺乏信息投资者”。

This type of research is the most classic Rock (1986) [3] proposed a "winner 's curse " problem. He believes that will participate in the stock market is asymmetric information between investors . Some investors IPO the company's prospects and quality of information to grasp more than, called "informed investors " or " information rich investor" ; another part of the company's prospects for investors in the IPO and quality of information is not sufficient mastery , known as the " unwitting investors " or " lack of information investors ." The first category of investors , of course only possible to lower the purchase price of the stock , while the second category of investors to grasp because of market information is not comprehensive, it will buy higher-priced stocks. If there is not enough information risk compensation , unwitting investors probably would not have to buy the stock . Issuers know exist on the market two types of investors such , in order to have sufficient market demand , the issuer types of investors want to be able to buy the stock . Therefore, the issuer underpricing issue shares to compensate uninformed investors exposure to information risk , so unwitting investors will be attracted to the stock market to buy shares.

Subsequently, many researchers in the Rock model based on further research . Betty and Ritter (1986) [4] found that the first issue of stock underpricing and the intrinsic value of the stock of the issuing company does not have a direct relationship between uncertainty . Benveniste and Spindt (1989) [5], Benveniste and Wilhelm (1990) [6] in Rock presents a model based on information extraction theorem established bookbuilding model , they think underpricing is to be able to issue shares Once you know the company informed investor -related information will be reported out , so that other investors, including unsuspecting investors know the company's prospects a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。