CAJ | 학술논문

本文以中国独特的新股发行机制为分析背景，从机制设计的角度研究最优IPO机制设计的问题。在对中国现行的IPO定价过程进行描述以及与成熟市场施行的累计投标询价制度进行比较分析的基础上，总结出中国式IPO定价机制的典型特征；将最优拍卖设计的分析方法引入IPO机制中，对中国式IPO过程进行建模，研究附加各种制度约束的最优IPO机制设计的问题。进一步考虑机构投资者不同的风险态度对最优IPO机制设计的影响，进而得到不同情形下最优IPO机制的设计方案，以期为中国正在推进的新股发行机制改革提供理论基础和决策借鉴。
본문이중국독특적신고발행궤제위분석배경，종궤제설계적각도연구최우IPO궤제설계적문제。재대중국현행적IPO정개과정진행묘술이급여성숙시장시행적루계투표순개제도진행비교분석적기출상，총결출중국식IPO정개궤제적전형특정；장최우박매설계적분석방법인입IPO궤제중，대중국식IPO과정진행건모，연구부가각충제도약속적최우IPO궤제설계적문제。진일보고필궤구투자자불동적풍험태도대최우IPO궤제설계적영향，진이득도불동정형하최우IPO궤제적설계방안，이기위중국정재추진적신고발행궤제개혁제공이론기출화결책차감。
In this paper, we adopt the framework of mechanism design to discuss the optimal IPO mechanism design problem under the current institutional environment of IPO in China. Comparing with the classic American Book - Building System, China＇ s current IPO inquiry has the following typical characteristics and institutional constraints： adding a preliminary inquiry into the formal inquiry stage; Distinction between offline and online placement and strictly limiting the percentage of offline placement; not granting underwriters the right to allocation of new shares subscribed, and the ＂auction - like＂ features. Considering the unique characteristics above, we put forward one mechanism of China＇ s IPO process in order to maximize the issuer＇ s expected utility, which will be proved to be the optimality in the cases of the additional restrictions in the system and different risk attitudes of institutional investors.