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20世纪80年代以来,全球IPO发售机制演变的基本趋势是累计投标询价机制正日益取代固定价格与拍卖发售机制。这种现象的原因,是由于美国承销商霸权地位,还是三种IPO发售机制本身经济效率差异所致?本文首先基于微观经济效率差异性角度评述了IPO发售机制的研究进展,然后提出了IPO发售机制未来研究的三个方向。
Since the 1980s, the basic trend of the evolution of the global IPO offer mechanism is that the cumulative bidding inquiry mechanism is increasingly replacing the fixed price and auction sale mechanism. The reason of this phenomenon is due to the hegemony status of the underwriters in the United States or the differences in the economic efficiency of the IPO IPO mechanism itself. First, this paper reviews the research progress of the IPO sale mechanism based on the difference of microeconomic efficiency, and then proposes IPO sale Three directions for future research on mechanism.