CAJ | 학술논문

新股在首次公开发行(IPO)时具有正的净现值以及承销商在不完全竞争的条件下会存在抑价现象. 抑价现象的存在是由于发行企业不能获得所有的净现值收益. 在这个博弈当中,收益在发行商和新的投资者之间的分配取决于所有IPO市场的竞争程度. IPO市场可以被细分为具有高净现值的发行企业、高威信的承销商和具有低净现值的发行企业、低威信的承销商两类新股.
신고재수차공개발행(IPO)시구유정적정현치이급승소상재불완전경쟁적조건하회존재억개현상. 억개현상적존재시유우발행기업불능획득소유적정현치수익. 재저개박혁당중,수익재발행상화신적투자자지간적분배취결우소유IPO시장적경쟁정도. IPO시장가이피세분위구유고정현치적발행기업、고위신적승소상화구유저정현치적발행기업、저위신적승소상량류신고.
Underpricing of initial public o erings (IPOs) is implied by the conditions that the IPOs have positive expected net-present-value (NPV) and that the underwriters of IPOs are not perfectly competitive. Underpricing results from the inability of issuing firms to reap all the gains of the NPVs. In an assignment game, the gains to the issuing firms and to the new investors are allocated according to their competitive strength in the overall IPO market, and the IPO market is shown to be segmented between large NPV issuing firms with prestigious underwriters and small NPV issuing firms with less prestigious underwriters.