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本文首先利用博弈论的方法对完全市场经济条件下新股发行制度进行了博弈均衡分析,分别设定了完全信息和不完全信息假设下新股发行制度局部均衡模型,并讨论了两种模型的均衡条件;然后结合非完全市场经济条件下新股发行市场的特征来修改和增加部分假设,以期得到修正条件下的局部均衡模型;最后通过考察局部均衡变动的原因来分析新股发行制度从局部均衡向一般均衡变动的过程和路径,以增强解释现实的能力。
In this paper, game theory is used to make a game equilibrium analysis of the system of IPO under the condition of complete market economy by game theory. Partial equilibrium models of IPO system under complete information and incomplete information hypothesis are set respectively. The equilibrium conditions of the two models are discussed Then the partial assumptions are modified and added in the light of the characteristics of the IPO market under the condition of the non-complete market economy so as to get the partial equilibrium model under the revised conditions. Finally, by examining the reasons for the partial equilibrium changes, the analysis of the new share issue system from partial equilibrium to general equilibrium Changes in the process and path to enhance the ability to explain reality.